Shizen Energy secures US$480 million investment to accelerate renewables portfolio in Japan and key markets

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Outside of Japan Shizen Energy has completed solar PV projects in Brazil and in Southeast Asia where it expects to further grow its portfolio. Image: Pattern Energy.

Japanese renewable energy company Shizen Energy has received a ¥20 billion (US$133 million) investment from investment group CDPQ.

Both companies have also agreed to a co-investment framework with potential investment of ¥50 billion by CDPQ.

With CPDQ’s investment the Japanese renewables company will accelerate its renewables development portfolio in Japan and in key international markets, while also expanding its staff.

In Japan, it will continue developing ground mount and rooftop solar PV, agrivoltaics and other renewable technologies.

Outside of Japan, Shizen Energy has completed several solar PV projects in Brazil, Indonesia, Thailand and Vietnam. The company will continue to secure on-site and off-site power purchase agreements (PPAs) in Southeast Asia and Brazil, while it aims to work on large-scale solar PV projects with local companies.

Emmanuel Jaclot, executive vice-president and head of infrastructure at CDPQ, said: “This transaction in Japan is an important milestone in the deployment of CDPQ’s long-term Asia-Pacific infrastructure strategy.”

Following the transaction, CDPQ has obtained a seat on the board of directors of Shizen Energy. With this latest investment Shizen Energy has so far managed to fundraise up to ¥74.4 billion this year.

Moreover, the company has been involved with 1GW of renewables capacity installed – mostly from solar PV with more than 700MW – in Japan and overseas and aims to reach a power output of 10GW by the end of the decade.

6 June 2023
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