
Actis-backed Nozomi Energy will supply power for Tohoku Electric Power’s recently announced off-site PPA with JR East, the company announced on January 15, 2025.
“From April 2025, Nozomi Energy’s Iwaki solar power plant will be dedicated to supplying JR East with renewable electricity to partly power its Yamagata-Akita Shinkansen service in northern Japan through Tohoku EPCO,” the company’s statement said. According to Actis’s Head of Energy for North Asia Tareq Sirhan, “its second deal closing in as many months.”
According to the Agency for Natural Resources and Energy data, the 21MWAC/31.5MWDC solar power plant was FIT-certified in FY2019 and is under a contract expiring in February 2043. The project was awarded a 12.85 yen/kWh in Japan’s fourth solar auction. Nozomi Energy plans to convert the power plant from the feed-in-tariff to the more recent feed-in-premium (FIP) scheme, which will allow it to sell power and non-fossil certificates to Tohoku EPCO directly.
The power plant, which was commissioned in the spring of 2023, is one of the 12 power plants Nozomi Energy and an undisclosed Japanese co-investor acquired from PAG Renewables in a deal first disclosed in December 2024.