Invenergy refinanced its 63MW Rusutsu Wind Energy Center in Hokkaido with a non-recourse project finance loan led by Societe Generale and Mizuho ahead of the power plant’s conversion to the feed-in-premium (FIP) scheme and operation under a virtual PPA, the company announced on September 5, 2025.
According to the statement, the over 20-year agreement was concluded on August 15, 2025.
Rusutsu Wind Energy Center, Invenergy’s first onshore wind project in Japan, was commissioned in March 2024 and has been operating under the feed-in-tariff (FIT) scheme since then. The special purpose company that owns the project signed a virtual PPA with Honda set to begin supply in September 2025 later in the same year, prompting the transition to FIP.
When the project was FIT-certified in FY2016, 20kW and larger onshore wind projects were offered a 22 yen per kWh tariff for 20 years. Invenergy will be able to maintain the same amount as the strike price used for calculating premiums under the FIP scheme until the contract’s expiration in October 2043.
The United States-based developer has two additional onshore wind projects totaling about 215MW under construction with 2028 target COD, with more planned. The company previously also developed three solar projects totaling 65MW but sold those in 2024.
