Photon Capital-managed Photon Sustainable PV Investment LP began commercial operation of all 13 solar power plants contracted under two virtual PPAs, totaling about 33MWDC, by September 25, 2026, the company announced on October 15, 2026.
According to the statement, the portfolio includes six plants across the Chubu and Shikoku TSO areas totaling about 13MWDC that operate under a deal with JTEKT, and seven with a combined capacity of approximately 20MWDC in Hokkaido, Tohoku, and Chugoku contracted by an undisclosed Japanese manufacturer.
Non-fossil certificates associated with the assets’ output are delivered to the offtakers. The power is sold through J-POWER, which serves as the aggregator for both PPAs. ORIX Bank provided non-recourse project financing for the portfolio.
Photon Capital said that all 13 projects are greenfield and that the group worked on their development since 2021. While it did not disclose the specific assets, METI data and the company’s website suggest the JTEKT deal includes plants between 498kWAC and about 2MWAC in Kochi, Ehime, Gifu, and Mie prefectures. The second deal likely covers high-voltage power plants between in Hokkaido, Iwate, and Hiroshima.
Most of the identified assets were either newly certified under the feed-in-premium (FIP) scheme or converted from the feed-in-tariff (FIT) scheme before starting commercial operation.
Since its founding in August 2017, Photon Capital has managed investments in solar power plants across Japan. The company said it is in discussions with prospective offtakers regarding PPAs equivalent to over 150GWh of annual generation.
