Girasol Energy, JR Kyushu, Mitsubishi UFJ Trust and Banking, and Fuyo General Lease partnered to acquire and repower small- and medium-scale aging solar power plants in Kyushu, the companies announced on March 25, 2025.
Under the partnership, the four companies invested in Hyakunen Solar Kyushu through tokumei kumiai (silent partnership) and secured additional financing for the joint venture through Higo Bank and other local lenders. The joint venture targets 10MW portfolio by 2027 with Girasol Energy in charge of asset management.
“We would like to use our experience in operating solar projects across the country and work with this project’s partners to build a business model that will be sustainable even post-FIT,” said Fuyo General Lease. JR Kyushu said in the statement that it is looking forward to using the electricity and environmental value from the power plants in the future.
Girasol Energy already runs a similar scheme in Yamanashi Prefecture through Hyakunen Solar Yamanashi, which owns 18 power plants totaling 1MW.
Hyakunen Solar Kyushu aims to prevent small, sub-1MW solar power plants, which account for about 90% of Japan’s total capacity, from being abandoned or discarded after their 20-year feed-in-tariff (FIT) contracts expire. It focuses on Kyushu in particular, where economic curtailment is the highest, and thus business conditions are worse.
Acknowledging the problem, METI is currently discussing the potential introduction of a “qualified long-term solar generator” certification, which would provide a variety of benefits to asset owners that are able to maintain good relationships with local communities and operate a stable and long-term business. The November 2024 issue of The Japan Power Industry Executive covered the topic in further detail.
