Kaihan will acquire 101 ready-to-build low-voltage solar projects totaling 5MWAC from FitFounder by the end of 2025 under a memorandum of understanding (MoU) signed on May 30, 2025.
The projects will be used by its subsidiary KR Energy No. 1 to meet its obligations under a 16.3MWAC/31.4MWDC off-site PPA with Amazon Data Services Japan disclosed in May 2023. According to the statement, Kaihan is negotiating with the offtaker to extend the development deadline from the originally set end of March 2025 to the end of June 2025.
Overall, as of May 30, 2025, KR Energy No. 1 acquired 148 projects totaling 7.3MWAC, with 107 of those totaling 5.3MWAC being operational. It plans to secure the remaining 182 projects totaling 9MWAC, including the 101 to be developed by FitFounder, by the end of December 2025. The company said it is also in talks with additional developers for the remaining assets to achieve the Amazon PPA’s 330-power plant target.
To finance the acquisitions under the MoU with FitFounder, Kaihan plans to use a portion of funds it will raise through third-party allotment of shares on June 10, 2025. It plans to invest about 3.2 billion yen into its subsidiaries KR Energy Japan and KR Energy No. 1 between June 2025 and March 2026 through “tokumei kumiai” (silent partnership).
Kaihan, initially focused on the food and beverage business, entered renewable energy in October 2022 by launching Kaihan Energy Japan. It later renamed the subsidiary KR Energy Japan. KR Energy No. 1 was established in March 2023 and received an undisclosed investment from Sunlife later that year.
