Panasonic Energy began procuring geothermal power through an off-site PPA with Kyuden Mirai Energy on April 1, 2025.
According to its statement from April 8, 2025, Kyuden Mirai Energy will supply the Panasonic Group battery manufacturer with approximately 50GWh annually. The power will be delivered through Panasonic Operational Excellence, which is one of the group’s companies with a power retail license.
Having achieved net zero emissions at its nine domestic manufacturing bases in September 2024 by buying non-fossil certificates, among other means, Panasonic Energy is now working to increase the facilities’ renewable energy self-sufficiency rate. Prior to the geothermal PPA, the company also signed on- and off-site solar and onshore wind deals.
The PPA with Kyuden Mirai Energy is expected to double the self-sufficiency rate from about 15% to about 30%.
Kyuden Mirai Energy took ownership of Kyushu Electric Power’s eight operational geothermal plants totaling 224MW in April 2024 and has one 5MW project under development, which is expected to come online in FY2026. Panasonic Energy’s statement did not disclose the specific power plants from which it is procuring power.
The announcement follows Kyuden Mirai Energy’s first disclosed geothermal PPA, a deal with Sumitomo Mitsui Banking Corporation revealed in February 2025.
With a 22.8MW virtual PPA matched through Digital Grid’s auction platform being the only other known agreement involving the technology, geothermal PPAs remain rare in the market dominated by solar and wind.
