Kaihan subsidiary KR Energy No. 1 plans to acquire 50 low-voltage solar projects from Sunlife Corporation totaling 2.5MWAC/4.8MWDC, the parent company announced on September 2, 2025. Non-fossil certificates associated with the power plants’ output will be sold to Amazon Data Services Japan as part of a 16MWAC/31MWDC virtual PPA first disclosed in 2023.
According to the statement, the Kaihan unit aims to finalize price negotiations and sign asset-level agreements following the completion of due diligence around the end of October 2025. It expects to acquire the ready-to-commission projects at about 168,000 yen per kWDC, valuing the transaction for the 50 95kWDC power plants at approximately 798 million yen.
With all of the power plants being under 50kWAC, KR Energy No. 1 expects the construction, to be handled by Sunlife, to take about a month. The company plans to commission all 50 by the end of December 2025. Kaihan said it expects the new projects to generate about 9 million yen by the end of FY2025 from energy sales. It did not disclose estimated revenues from NFC sales.
As of September 2, 2025, KR Energy No. 1 had acquired 161 low-voltage solar projects of the 330 needed to meet its commitments under the PPA with Amazon. Of those, 130 accounting for 39.4% of the total target capacity, have been commissioned, with their output being aggregated and sold into the wholesale market by FPS.
Completion of the portfolio, originally planned for March 2025, has faced multiple delays, highlighting the challenges that sourcing hundreds of distributed projects presents. Alongside Sunlife, KR Energy No. 1 also recently moved to acquire projects from FitFounder and other developers to fulfill its obligations to Amazon.
