Tokyo Stock Exchange approved the listing of i Grid Solutions on its Growth Market, the on-site PPA services provider and energy trading company announced on June 25, 2026. The company is set to go public on July 29, 2026.
According to the filed documents, i Grid Solutions targets raising about 1.72 billion yen through the public offering and up to an additional 1.05 billion yen through third-party allotment for a total of up to 2.77 billion yen in new capital.
Assuming it secures the full amount, the company plans to invest 1.55 billion yen to expand its PPA asset portfolio and an additional 856 million yen on related system development. Of the remainder, it expects to allocate about 293 million yen to labor costs and 72 million yen to consulting services aimed at improving operations. i Grid Solutions targets utilizing the funds by the end of its fiscal year ending June 2028.
The company recorded 22.94 billion yen in revenues in the fiscal year ended June 2025, generating a 3.14 billion yen operating profit. Sales are forecast to grow to 25.46 billion yen in the fiscal year ended June 2026 and 30.97 billion yen in the following fiscal year, resulting in operating profits of 3.24 billion yen and 3.84 billion yen, respectively.
GX Solutions, which include the company’s PPA-related services, are forecast to generate 13.44 billion yen in sales and 4.24 billion yen in gross profit in the fiscal year ended June 2026. Energy trading, which includes power retail and handling of surplus power from on-site assets, is expected to contribute 12.26 billion yen in sales but only 2.45 billion yen in gross profit during the same period.
The company has developed a 390MW portfolio comprising 1,461 on-site solar projects as of the end of March 2026, up from 973 projects totaling 234MW as of the end of June 2024 and 614 projects with a combined capacity of 136MW as of the end of June 2023.
In addition to wholly-owned projects, it has also been developing assets through alliances with other investors since 2023, which it continues to operate and maintain following commissioning. The company formed such partnerships with Tokyu Land and CPower among others.
i Grid Solutions’ upcoming listing follows the IPOs of other companies capitalizing on Japan’s transition from the feed-in-tariff (FIT) scheme to market-based development of renewables and the related demand for storage, including those of Digital Grid in April 2025 and PowerX in December 2025.
