Japan Petroleum Exploration (JAPEX) and Iino Kaiun, a publicly traded maritime transportation and real estate company, signed a memorandum of understanding (MoU) on jointly developing approximately 30MW of solar power plants by 2030.
Details about the timeline and scale and number of assets have not been provided.
The power and environmental value, or only the latter if the companies opt for a virtual PPA model, generated at the power plants will be supplied to Iino Kaiun-owned buildings. According to the companies’ statement, Iino Kaiun is “dedicated to introducing clean energy to reduce the environmental impact of its real estate business.”
JAPEX is, according to the statement, “pursuing new possibilities as a ‘Comprehensive Energy Company’ …, and is working to expand its renewable energy business, including solar power generation, as one of its specific initiatives.”
To date, the company has developed three projects including the wholly-owned JAPEX Hokkaido Office Mega Solar (1.8MW) and Mitsuke Solar (250kW) power plants and a 13MW solar power plant in Hokkaido that it owns jointly with Sumitomo Corporation. It has also invested in projects being developed by PHOTON. Separately, the company also owns stakes in two operational and two under development biomass power plants.
