GSSG Solar and Voltaiyo refinanced their eight-project 104MW joint portfolio of solar power plants operating under the feed-in-tariff (FIT) scheme with SBI Shinsei Bank, the former announced on January 9, 2026.
“We look forward to continuing to improve the performance of this unique portfolio of assets and the long-term relationship it will create with our newest banking partner, SBI Shinsei Bank,” said Voltaiyo’s CEO Mikkel Berthelsen. The transaction marks the sixth time that GSSG Solar has acted as a sponsor for a loan from the Japanese bank.
The companies acquired the eight operational assets in 2024 from Thai-based BCPG together with a 13MW project that continues to be under development in Ichihara City, Chiba Prefecture. Their previous statements suggest the power plants were commissioned between 2015 and 2022 and operate under 32 to 40 yen per kWh early FIT contracts.
GSSG Solar said the assets are located in “four different EPCOs in Honshu and Kyushu.” The overlaps between portfolios presented on Voltaiyo’s and BCPG Japan’s websites suggest they include, among others, the following:
- 28.01MW in Yabuki Town, Fukushima Prefecture (36 yen per kWh FIT, May 2022 COD)
- 27MW in Ichihara City, Chiba Prefecture (36 yen per kWh FIT, October 2021 COD)
- 2.17MW agrisolar in Gotemba City, Shizuoka Prefecture (32 yen per kWh FIT, April 2018 COD)
- 2.24MW agrisolar in Gotemba City, Shizuoka Prefecture (32 yen per kWh FIT, April 2018 COD)
- 31.95MW in Komagane City, Nagano Prefecture (36 yen per kWh FIT, March 2022 COD)
- 1.2MW in Takamori Town, Kumamoto Prefecture (40 yen per kWh FIT, February 2015 COD)
Voltaiyo is Denmark-based Obton’s Japan unit, which rebranded from Obton Japan and merged with its asset management arm Obton Japan AM in 2025 after it secured backing from Intermediate Capital Group (ICG). It holds stakes in over 500MW of solar projects including the refinanced assets and targets growing its portfolio to more than 1GW through acquisitions and in-house development within five years.
GSSG Solar is a Colorado-based real assets investor that opened its Tokyo office in 2014. In addition to the joint portfolio with Voltaiyo and several other operational and under-development solar projects, it also recently launched a Japan grid-scale battery storage-focused joint venture with Vision Ridge Partners.
