i Grid Solutions and Tokyu Land established their second jointly held fund, TLC VPP 2 LLC, which plans to invest approximately 10 billion yen in rooftop solar power plants operating under onsite corporate PPAs, the companies announced on August 7, 2026.
According to the statement, i Grid Solutions will develop the projects and transfer them to the fund, which will acquire and hold them. TLC VPP 2 follows the original TLC VPP LLC launched in November 2023, which held about 73MW as of the end of June 2026 and was on track toward its target of 100MW within three years.
The partners said in October 2025 that they agreed to expand their joint development efforts by 200MW to a cumulative capacity of 300MW. The structure allows i Grid Solutions to scale its expertise in developing onsite PPA projects using external capital.
i Grid Solutions began offering onsite PPAs in 2017. It has developed over 350MW across more than 1,400 facilities as of the end of March 2026. The company went public on the Tokyo Stock Exchange’s Growth Market on July 29, 2026, raising funds to further grow its core segment.
Tokyu Land diversified from real estate into renewables in 2014 and held stakes in 173 projects totaling about 2.1GW in operation and under development as of the end of June 2026. In 2025, the company acquired Renewable Japan to further expand its energy business.
