Smart Energy and NEC Capital Solutions’ wholly-owned subsidiary NCS RE Capital partnered to acquire existing low-voltage solar power plants, they announced on August 29, 2025. The companies target a portfolio of 400 assets totaling 25MWDC.
According to the statement, the assets will be owned by a joint special purpose company (SPC). The partners aim to ensure long-term, stable operation of the projects amid increasing concerns of early low-voltage solar power plants being abandoned or mismanaged due to changes in the business environment since the feed-in-tariff (FIT) scheme was first introduced.
Under the partnership, NCS RE Capital will invest in the SPC to provide capital for the acquisitions. Smart Energy will identify suitable targets and handle the acquisitions including due diligence. It will also be in charge of the acquired assets’ operation and maintenance (O&M) and asset management.
“We will also consider shifting to new revenue models that do not rely on FIT, such as conversion to the feed-in-premium (FIP) system and corporate PPAs,” said the statement.
Smart Energy, launched in 2007, has been providing O&M and asset management services to solar and wind power plant owners and recently expanded its offering to battery storage facilities. In July 2024, it announced a joint venture with SMFL Mirai Partners similar to its tie-up with NCS RE Capital, through which it planned to acquire a portfolio of 400 power plants from Marubeni.
NCS RE Capital has also been active in the renewable energy industry, planning a grid-scale battery storage project in Fukuoka and partnering with Shirokuma Power to provide on-site PPAs among others.
The development follows METI’s recent introduction of a “qualified long-term solar generator” certification, which provides a variety of benefits to asset owners able to maintain good relationships with local communities and operate a stable and long-term business.
