Mitsubishi Material plans to expand its renewable energy generation from an expected 453GWh in 2025 to 575GWh by 2030 and 1,580GWh by 2050, with most of the growth driven by geothermal expansion and entry into onshore wind.
As part of this strategy, the company will aim to increase the EBITDA of its renewable energy business unit from 1.9 billion yen in FY2022 to 4.6 billion yen in FY2025 and 8.1 billion yen in FY2030.
While Mitsubishi Material plans to reconsider its biogas generation business, according to an investor presentation held on December 12, 2024, it plans to double down on its main source of generation, geothermal.
In March 2024, it commissioned the 14.9MW Appi Geothermal Power Plant jointly with Mitsubishi Gas Chemical and J-POWER, and going forward it plans to commission one new project every three years. The company is currently conducting geothermal surveys in Hokkaido, Iwate, Akita, and Fukushima prefectures.
Aiming to launch its onshore wind business by 2030 and generate approximately 284GWh in 2050, the company is starting to conduct wind surveys to assess the potential of the approximately 13,000ha of forest land it owns throughout Japan. It is currently working with Renova on a survey of a site in Hokkaido and plans more similar partnerships in the future.
Mitsubishi Material’s current portfolio includes 21MW of hydro, 121MW of geothermal, and 19MW of solar power plants. By 2030, the company is also eyeing entry into the grid-scale battery storage business.
