Nozomi Energy Accelerates Japan Renewable Energy Transition with 312 MW Solar Portfolio Acquisition

Published: 27 Dec 2024

Author: Precedence Research

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Actis-backed renewables platform Nozomi Energy acquired a 312 MW operational solar portfolio in Japan within 18 months of going live, adding its total operational capacity to over 400 MW. The firm is expected to manage around 750 MW net from its operating and developing projects related to renewable energy assets. Null Energy is expected to ramp up its renewable energy portfolio to 1.1 GW by 2027 to realize Japan's net-zero carbon emission vision by 2050. The portfolio encompasses 12 currently producing photovoltaic solar projects ranging from 1 MW to over 60 MW, spread strategically across Japan, with nine in the Kanto Region and three in Tohoku, Chubu, and Kyushu. Facilities are planned for the delivery of extra high-voltage power to the network. The official portfolio operates under the FIT (Feed-In Tariff) contracts of Japan, securing relatively predictable and stable cash flows until at least 2040.

The portfolio includes operations, maintenance, and asset management of renewable energy projects that Nozomi Energy has acquired. This action reinforces the company's resolve to offer complete services and enhance its capabilities within the field of renewable energy. Not only this, but Nozomi Energy also develops greenfield projects in onshore wind, solar, and BESS to cement its position as one of the prominent players in this market in Japan.

Leadership Perspective

Jose Antonio Millan Ruano, CEO of Nozomi Energy, is excited about the acquisition of high-quality solar operational assets. The new acquisition will bring Nozomi Energy closer to its 1.1 GW target for 2027, marking two years of progress since its inception. The acquisition aligns with Nozomi Energy's mission to enable Japan's energy transition and its aim for net zero by 2050, Ruano stated. Japan will need even more heavy investments in renewable energy for the country to achieve carbon neutrality by 2050. Nozomi Energy, with the strong backing of Actis, continues to focus on deploying innovative and scalable renewable solutions in Japan.

Looking Ahead

Nozomi Energy has made a significant step in its growth story by acquiring an operational 312 MW solar portfolio, which marks a new milestone for the company as an important player in Japan's renewable energy transition. Altogether, Nozomi Energy has a total portfolio of 750 MW, of which over 400 MW comes from operational assets. This provides an impressive continuum for the renewable energy transition. The company is also pursuing ground-up projects in solar, onshore wind, and battery energy storage systems. Nozomi Energy is on course to hit 1.1 GW of installed renewable capacity by 2027, in line with the broader vision of Japan for a net zero emissions future by 2050. Nozomi Energy assures financial predictability with long-term Feed-In Tariff contracts and addresses the burgeoning energy requirements in the Kanto region. The company will continue to build a strong foundation in the market, offer further services, and be part of Japan's energy transition.