Kenedix acquired power retailer and aggregator FPS from GLP Japan for an undisclosed sum on August 31, 2026, the company announced on the same day.
According to the statement, Kenedix aims to strengthen its capabilities across the value chain, combining FPS’s balancing, trading, retail, and aggregation functions with its renewable energy business. FPS said that its existing customer contracts would remain unaffected.
The real estate asset manager established Kenedix Green Energy in 2023 to sell renewable power to its group companies and third parties as an agent for licensed retailers. By acquiring FPS, which has already provided the unit with aggregation and retail services, and bringing the capabilities in-house, Kenedix seeks to increase its power procurement and sales competitiveness.
Japan Energy Hub’s PPA database shows Kenedix has previously disclosed several solar PPAs as an offtaker, including an 18MWDC deal sleeved by Marubeni Power Retail with Kenedix Green Energy serving as an agent, and a 1.72MWDC rooftop project developed by Japan Benex on KDX REIT’s Musashi-Arashiyama Distribution Center that was commissioned in March 2026.
GLP Japan established FPS in November 2021 to take over the retail business of F-Power, a power retailer under corporate rehabilitation that the real estate developer had agreed to sponsor earlier that year.
In recent years, FPS has participated in several PPAs, including as the aggregator for Kaihan unit KR Energy No. 1’s deal with Amazon Data Services Japan and retailer for SymEnergy’s with Nomura Real Estate Private REIT. It has also begun supplying APM Terminals Japan under a 20-year offsite PPA for 5.5MW of solar and signed a virtual PPA with Konica Minolta for about 1GWh per year of environmental value from the surplus output of rooftop plants it aggregates.
Kaihan made a similar move in March 2026, when it took a 49% stake in power retailer Donguri Denryoku to acquire generation forecasting and imbalance management capabilities with the aim of lowering the balancing costs of its PPAs.
