Tokyu Land and Renewable Japan buy Spanish solar project, target 1GW of European renewables

October 13, 2023
Facebook
Twitter
LinkedIn
Reddit
Email
Renewable Japan’s Shizuoka solar plant has a capacity of 11.3MW. Image: Renewable Japan

Real estate firm Tokyu Land and clean energy developer Renewable Japan have agreed to develop 1GW of renewable capacity in southern Europe, beginning with the acquisition of a 39.9MW solar project in Spain.

The companies, both of which are headquartered in Japan, purchased the Manzanares solar project in central Spain in September. The project began commercial operation in June this year, and Renewable Japan will manage the project through a subsidiary, RJ Eurodevelopment, which raised around US$13.4 million (J¥2 billion) in a funding round last August, and is now looking to expand its renewables portfolio.

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

This deal is the first step towards developing a much larger renewable portfolio for Tokyu Land and Renewable Japan, which plan to build, own and operate 1GW of projects in Spain and Italy. While neither company announced further details of their long-term goals, Japanese newspaper Nikkei reported that the companies would invest up to US$2 billion (J¥300 billion) into European renewable power plants over the next five years.

Tokyu Land, meanwhile, noted that the pair have developed more than 2GW of solar capacity in Japan, and the involvement of new renewables developers in the European market will likely be welcomed by a sector that has recently faced questions over its financial viability.

The news also follows the European Council’s adoption of its new Renewables Energy Directive, which will see EU countries aim to generate 42.5% of its power from renewable sources by 2030, up from an earlier target of 40%. Italy, one of the countries Tokyu Land and Renewable Japan are targeting, could stand to benefit from this increased emphasis on renewable energy generation, with the country’s solar developers aiming to add 4GW of new capacity by the end of this year.

2 December 2025
Málaga, Spain
Understanding PV module supply to the European market in 2026. PV ModuleTech Europe 2025 is a two-day conference that tackles these challenges directly, with an agenda that addresses all aspects of module supplier selection; product availability, technology offerings, traceability of supply-chain, factory auditing, module testing and reliability, and company bankability.
10 March 2026
Frankfurt, Germany
The conference will gather the key stakeholders from PV manufacturing, equipment/materials, policy-making and strategy, capital equipment investment and all interested downstream channels and third-party entities. The goal is simple: to map out PV manufacturing out to 2030 and beyond.

Read Next

October 14, 2025
German IPP wpd has started construction at its 140.6MW Marcy solar park in the Nièvre department of central France.
October 14, 2025
India has installed 4.9GW of residential rooftop solar capacity in the first half of 2025, according to a report by IEEFA and JMK Research.
October 14, 2025
Apple will support 650MW of projects as part of a major expansion of its renewable energy investments in Europe, aimed at reducing its carbon footprint.
Premium
October 13, 2025
Brett Beattie of Castillo Engineering looks at some of the key land grading work that can make multimillion-dollar differences to projects.
October 13, 2025
The world is on pace to exceed 3TW of cumulative solar installations by the end of the year, according to a report from DNV.
October 10, 2025
The European solar module market has reached a “state of equilibrium” in recent weeks, with stable prices and regular demand.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK