X-ELIO signed a balancing service agreement for its upcoming 14MW Funaki Solar Power Plant in Ube City, Yamaguchi Prefecture, with ENGIE Energy Marketing Japan, the two companies announced on October 28, 2024.
“With its physical power trading expertise, [ENGIE] is strategically positioned to help X-ELIO manage the pricing risk and secure the revenue for renewable power from the market,” said ENGIE Global Energy Management & Sales on LinkedIn. X-ELIO said, “Through this deal, we will manage balancing risks and secure revenue in the Japan Electric Power Exchange (JEPX).”
While the commissioning date of the project in the Chugoku TSO area has not been announced, X-ELIO started construction of the power plant in May 2024.
According to OCCTO and Agency for Natural Resources data, the power plant is being developed by X-Elio 19 LLC and was awarded a 9.85 yen/kWh feed-in-premium (FIP) for 9.99MWAC in Japan’s 12th solar auction held in May and June 2022. It was FIP-certified on January 5, 2023.
When announcing the start of Funaki Solar Power Plant’s construction in early May 2024, X-ELIO highlighted that it completed the development of over 350MW of solar projects and had over 150MW of solar and BESS projects under development in Japan at that point.
