Solar power plant developer and small-scale fund manager ZEC (Zero Energy Company) is looking to raise 384 million yen in March 2025 to fund the construction of three assets in Ibaraki Prefecture totaling 1.9MWAC/2.5MWDC.
The power plants will be located in Namegata City, Kashima City, and Hokota City, respectively. Unlike the company’s previous 13 funds, which hold 16 FIT power plants, the three power plants that are part of the latest 20-year fund will not be operated under the fixed fee per kWh produced scheme. Instead, they will be monetized through a PPA with TEPCO Energy Partner. ZEC is targeting for the power supply to start on August 1, 2025.
METI data as of the end of 2024 shows ZEC having four FIT/FIP-certified assets that have not been commissioned yet. While those appear to include two of the power plants that will be part of the fund, no power plant in Namegata City appears on the list at this point. Three of the assets appear to match those awarded a 10 yen per kWh FIT in Japan’s 12th solar auction. The company would need to convert those to the FIP scheme to enable the PPA.
Previously, the Japan Energy Hub PPA database shows, Pan Pacific International Holdings disclosed an off-site PPA involving the supply of power from four ZEC-owned power plants in Ibaraki Prefecture through TEPCO Energy Partner. Based on the announcement, which was made in November 2023, the companies were targeting September 2024 COD for the power plants.
