Green Energy NexX will develop and build 50MW of solar in the Chubu TSO area for a Kansai Electric Power Group-managed fund by March 2029, its parent Green Energy & Company announced on May 22, 2025.
According to the statement, Green Energy NexX signed a framework agreement with a special purpose company (SPC) affiliated with KX Renewable Energy No. 1 Investment Limited Partnership on April 7, 2025. Under the deal, it will secure land, permits, and grid connection for projects meeting agreed-upon criteria, build them, and transfer them to the SPC at the ready-to-commission stage.
“We will sign individual contracts for each project based on the framework and plan to recognize revenue and profit gradually between fiscal years ending in April 2026 and April 2029 based on those contracts,” said the company.
The 10-billion-yen, 25-year fund was established by Kansai EPCO’s wholly-owned subsidiary KX Renewable Energy LLC in May 2024 as part of its efforts to meet the group’s 5GW of new renewable capacity by 2040 target set under its “Zero Carbon Vision 2050.” Its limited partners include BOT Lease, Shiga Bank, Joyo Bank, Asahi Mutual Life Insurance, and Sumitomo Mitsui Trust Panasonic Finance.
Previously, an undisclosed SPC linked with an undisclosed Kansai EPCO-affiliated fund signed a similar framework agreement with Kikusui, tasking the company with developing and building 35MW of solar assets in the Kansai TSO area by the end of FY2028.
Power plants acquired through both partnerships will likely be used for PPAs sleeved by Kansai Electric Power.
