Danish renewables company Obton signed a partnership agreement with Intermediate Capital Group’s (ICG) Asia-Pacific Infrastructure team aimed at expanding their presence in the Japanese renewables market, ICG announced on April 1, 2025.
“The partnership with ICG presents an exciting opportunity for Obton to expand its market presence in Japan’s rapidly growing solar industry,” said Obton’s CEO Sandra Grauers Nilsson. Obton Japan currently owns and operates over 500MW of solar, which it aims to grow to over 1GW. “With shared values and a common vision for the Japanese market, we believe ICG is the ideal partner for this next phase of growth.”
Obton Japan will work with ICG to acquire brownfield and greenfield solar projects. According to Devarshi Das, Head of ICG Asia-Pacific Infrastructure, “With a highly experienced management team and strong tailwinds thanks to private sector demand for clean energy, Obton Japan is well positioned to secure attractive growth opportunities.”
The transaction, advised by King & Spalding and Nishimura & Asahi, marks ICG’s entry into the Japanese renewables market.
Obton entered Japan, its first Asian market, in 2021 with an acquisition of a 31MW project in Fukushima Prefecture. The company also partnered with GSSG to acquire another 82MW solar power plant in the prefecture and, later, a 117MW portfolio of assets under feed-in-tariff (FIT) contracts.
ICG and Obton’s partnership comes amid rapid growth in Japan’s corporate PPA market caused by an ongoing shift from the pay per kWh FIT scheme to the market-based feed-in-premium (FIP) scheme.
