Singapore-headquartered renewable energy producer Vena Energy has acquired a 162MW solar PV project in Japan from Spanish developer X-ELIO.
Vena has now broken ground on the Amateras Shirorishi Solar project in Japan’s Miyagi Prefecture, which is expected to produce up to 175,000MWh of energy per year once completed.
The acquisition brings the number of Japanese renewables projects in development in Vena’s portfolio to 17, with a total capacity of 604MW.
Solar power is likely to play a key role in Japan’s future energy sector since the country has set out a commitment to reduce greenhouse gas emissions (GHG) to zero by 2050 earlier this year. Prime Minister Yoshihide Suga said in October that the government would accelerate R&D of innovative solutions to help reach this target, namechecking next-generation solar cells.
Since launching in 2013, Vena has grown to operate 24 solar plants with 449MW of power generation capacity, according to the company’s website. More recently, Vena commissioned a 41MW solar project in Yaita City, Tochigi Prefecture, in 2018.
Juan Mas Valor, Head of Vena Energy Japan, said the group has “established strong collaborations and enduring relationships” with local stakeholders across the country, adding that the latest venture will “strengthen the development of local infrastructure and create jobs”.
Lluis Noguera, chief executive of X-ELIO, said the company will continue to invest in further renewable energy projects in the country, and seek other partnerships to “accelerate our growth” in Japan.
“Contributing to the Japanese Government target of efficiently reducing CO2 emissions is at the heart of what we do”, Noguera said, “and we are 100% committed to continue investing to accelerate this ambitious objective.”
X-Elio became a 50/50 joint venture between US infrastructure fund KKR and Toronto-based asset management group Brookfield Asset Management since the completion of an ownership shake-up in October last year.