Yotsuya Capital, a Japanese solar power producer, is where Octopus Energy Generation made its first investment to enter the Asian renewables market.
The agreement aims to hasten the nation's energy transition.
Yotsuya Capital, a Tokyo-based company, creates renewable energy projects with a concentration on solar power plants. It seeks to build solar farms around Japan.
Octopus Energy Generation CEO Zoisa North-Bond said: “There’s a huge opportunity to help meet Japan’s renewables targets and accelerate its clean energy transition.
“This investment in fast-growing solar developer Yotsuya is our first step into Asian renewables – and it’s only the beginning. We’ve got big plans to scale our team in Asia, and invest in and build even more green power across the continent.”
Although the corporation said that the initial investment is in the seven figures, the precise investment number was not disclosed.
It was made in order to assist Yotsuya Capital in the construction of 250MW of new solar farms in Japan over the course of the following five years on behalf of the Sky fund, managed by Octopus Energy Generation.
The solar facilities will produce enough clean energy to power almost 100,000 homes, reducing annual carbon emissions by 140,000 t.
Yotsuya Capital representative member and CEO Toshiaki Isoi called the investment “transformational”, and stated: “It means we can accelerate our growth to the next level and develop much more solar across Japan in the coming years. It helps us contribute to Japan’s net zero target by 2050, while also making a positive impact on the local community.”
Long-term corporate power purchase agreements are how Yotsuya wants to market the renewable electricity (PPAs).