Dohwa Engineering’s Japanese unit DHJ will sell the special purpose companies (SPCs) holding the 10MWAC/12.04MWDC Blue Power Oita Kitsuki 1 and 20MWAC/26MWDC Blue Power Oita Shuki solar power plants in Oita Prefecture for 1 million yen each, disclosures filed by the South Korean engineering firm show.
According to the documents, DHJ’s board approved the disposals on August 11, 2026, with the stated purpose of improving its financial structure. The transactions are expected to be completed on September 30, 2026. The buyer, a Japanese limited liability company, was not disclosed.
Earlier filings show that DHJ, which was established in January 2025, acquired both in May 2025. It paid 500,000 yen for Kitsuki 1 and 1 million yen for Shuki. At the same time, its parent issued guarantees totaling about 9.71 billion yen for project finance debt owed by the two projects’ SPCs to Shinhan Financial Group units, Hana Bank, and Nonghyup Bank.
South Korean business news outlet thebell reported in August 2025 that the parent company provided completion guarantees for the two projects as their engineering, procurement, and construction (EPC) contractor, and took the projects over when the developer’s financing risk emerged. According to Dohwa Engineering’s disclosures, both SPCs were generating net losses and had negative equity at the time DHJ acquired them.
METI data shows the Kitsuki 1 power plant in Kitsuki City was certified under the feed-in-tariff (FIT) scheme in FY2013, when 10kW and larger solar projects were offered 36 yen per kWh for 20 years. The asset began commercial operation in the fall of 2025. Its procurement period expires in February 2040, suggesting it was shortened to account for the commissioning deadline required to receive full support.
The Shuki plant in Oita City was certified in November 2015, when commercial solar power plants were eligible for 27-yen-per-kWh, 20-year contracts. It was commissioned in the fall of 2019 and is set to operate under FIT until October 2039.
Blue Capital Management developed both power plants along with several other solar projects across all voltage classes, most of which it has since sold.
