Hulic and its wholly-owned power retailer Hulic Property Solution signed an off-site PPA with TEPCO Renewable Power on March 31, 2025.
Under the PPA, the renewables-focused TEPCO unit will supply approximately 40GWh per year from its hydroelectric Shimofunato Power Plant to the real estate company from April 2026. Hulic Property Solution will serve as the retailer sleeving the deal. The real estate company plans to use the power at a portion of the properties it owns and manages.
The power plant on the Shinano River in Tsunan Town, Niigata Prefecture, was first commissioned in 1954. It was repowered and had its output increased by 500kW to the current 6.6MW in 2022. It is currently operating under a 20-year, 12 yen per kWh feed-in-tariff (FIT) contract valid until November 2042. TEPCO Renewable Power will need to convert the asset to the feed-in-premium (FIP) scheme, which allows generators to sell power commercially, to enable the PPA.
Hulic has been developing solar and small hydro power plants to provide power for its properties through “self-contained” PPAs sleeved by Hulic Property Solution. In 2023, the company achieved RE100 and is currently working to expand renewables usage to its buildings’ tenants. The power sourced through the PPA with TEPCO Renewable Power is expected to account for over 10% of the total consumption at its buildings.
According to the statement, the PPA is TEPCO Renewable Power’s first deal with a company outside the TEPCO Group.
