Monthly Report

Nozomi Energy’s 300MW+ solar acquisition linked to PAG Renewables, ANRE data suggests

January 16, 2025
Nasu Solar Power Plant
Available information suggests Nozomi Energy’s acquisition of a 300MWDC+ portfolio was from PAG Renewables. (Image: PAG Renewables)

At the end of last year, Nozomi Energy announced it acquired a 312MW portfolio of 12 operational solar power plants from an undisclosed seller. Yesterday’s announcement of the company’s participation in a PPA with Tohoku EPCO involving a 21MW solar power plant in Iwaki combined with government FIT/FIP certification data, suggests that PAG Renewables was the counterparty in the deal.

According to the certification data published by METI, as of the end of November 2024, PAG Renewables-linked special purpose companies (company name starting with “FS Japan Project” and same business address as PAG Renewables) owned 13 operational FIT power plants ranging in size from 1.1MWDC to 60.5MWDC including one in Fukushima (Tohoku TSO area), 10 in Tochigi (Tokyo), one in Mie (Chubu), and one in Oita (Kyushu).

Nozomi Energy’s December 2024 press release indicated that the acquired portfolio consists of 1MW to 60MW FIT assets with contracts until at least 2040 including nine in Kanto, and one in Tohoku, Chubu, and Kyushu each, closely matching the PAG Renewables portfolio described above (with a likely combination being 12 of the 13 power plants listed at the end of this article, excluding the Nasushiobara power plant with 2024 COD, totaling 310MWDC/237MWAC).

The most recently certified 21MWAC power plant in Iwaki City, Fukushima Prefecture, was awarded a 12.85 yen/kWh in Japan’s fourth solar auction. When the remaining power plants were certified in FY2013 and FY2014, the FIT price was fixed at much higher rates of 36 yen/kWh and 32 yen/kWh, respectively.

PAG Renewables-linked special purpose companies continue to own multiple other FIT/FIP projects including a 28.8MWAC/39.0MWDC project in Yamaguchi Prefecture for which the company signed a 30-year corporate PPA in 2023. The acquisition brought Nozomi Energy’s operational portfolio to over 400MWDC.

PAG Renewables-Linked Operational FIT/FIP Solar Power Plants

  • Tohoku (FIT certified in FY2019, 2023 COD, contract until Feb. 2043)
    • 21.0 MWAC/31.5 MWDC in Iwaki City, Fukushima Prefecture
  • Tokyo (FIT certified in FY2014, 2023 COD, contract until Sep. 2041 unless otherwise noted)
    • 28.5 MWAC/35.6 MWDC in Nasushiobara City, Tochigi Prefecture
    • 25.5 MWAC/31.9 MWDC in Nasushiobara City, Tochigi Prefecture
    • 24.0 MWAC/30.0 MWDC in Nasushiobara City, Tochigi Prefecture
    • 21.0 MWAC/22.4 MWDC in Otawara City, Tochigi Prefecture
    • 21.0 MWAC/26.2 MWDC in Nasumachi, Tochigi Prefecture
    • 19.3 MWAC/21.5 MWDC in Nasushiobara City, Tochigi Prefecture (FIT certified in FY2013, 2024 COD)
    • 19.3 MWAC/23.3 MWDC in Nasushiobara City, Tochigi Prefecture
    • 13.5 MWAC/16.7 MWDC in Nasushiobara City, Tochigi Prefecture
    • 6.0 MWAC/7.6 MWDC in Kanuma City, Tochigi Prefecture
    • 1.0 MWAC/1.1 MWDC in Kanuma City, Tochigi Prefecture
  • Chubu (FIT certified in FY2013, 2023 COD, contract until Aug. 2040)
    • 37.5 MWAC/60.5 MWDC in Iga City, Mie Prefecture
  • Kyushu (FIT certified in FY2013, 2023 COD, contract until March 2043)
    • 18.9 MWAC/23.3 MWDC in Hita City, Oita Prefecture

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