Japan’s Jera Co, a joint venture between Tokyo Electric Power Group (TEPCO) and the Chubu Electric Power Group, and Japanese solar construction firm West Holdings Corporation (West HD) have agreed to develop 1GW of solar PV in Japan over the next five years.
As part of the “business alliance”, West HD will prioritise the development of Jera’s solar power projects, while Jera will invest capital in West HD. The pair will also exchange power, including solar, and explore joint solar business opportunities for third parties in Japan and overseas.
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The deal will be finalised in March this year and, if projects are developed as planned, Jera said it will become one of the largest solar power producers in Japan.
Jera has a 5GW renewables target by 2025, which it has “an eye to revising upward”, while West HD aims to be involved with 2GW of renewable energy generating capacity in Japan and overseas by 2025, with an emphasis on solar PV.
At COP26, Japan pledged to source around a third of its power from renewables and to cut its emissions by 46% by 2030 compared with 2013 levels. It has committed to net zero GHG emission by 2050, which was enshrined into law last year.