Enfinity Global adds to portfolio in Japan 250 MW solar portfolio worth $1 billion

Highlights :

  • The emergence of Japan as a key solar market has been one of the surprises of the solar resurgence of the past few years.
  • Offering far better margins and financing, the market is attracting global majors.

Enfinity Global Inc., a leading renewable energy and sustainability services company, has announced the acquisition of a 250 MW solar photovoltaic portfolio in Japan with an enterprise value of $1 billion. This acquisition consolidates Enfinity Global’s platform in Japan and positions the company for further expansion in the country.

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The acquisition includes three operational large-scale solar power plants and five projects currently under construction throughout Japan. The operational plants currently total 70 MW. 180 MW are under construction, with 80 MW planned to reach operations in 2022 and 100 MW in 2023. With this addition, Enfinity Global’s platform in Japan stands at 281 MW across nine owned and managed projects, which operate under the Feed in Tariff program.

“The acquisition of this portfolio consolidates Enfinity’s positioning as one of the leaders in Japan’s renewable market. We believe the market will grow significantly to support Japan’s ambitious 2050 decarbonization target. Our team’s expertise places Enfinity in an excellent position to play an important role in this new scenario”,said Carlos Domenech, CEO of Enfinity Global.

Peter Hennessy, Enfinity Global’s VP of Business Development, added, “Over the last 7 years, members of our team have been developing these nine projects by successfully combining our local capabilities with global know-how. This acquisition reflects our long-term commitment to Japan.”

Japan currently ranks 6th worldwide in cumulative installed renewable power capacity and is committed to carbon neutrality by 2050. To this end, the national government recently approved the 6th Strategic Energy Plan that aims to cut greenhouse gas emissions by 46% and increase renewable energy to 36%-38% of power supplied by 2030. Japan’s cumulative installed PV capacity is targeted to reach 150 GW by 2030 from 67GW in 2020.  Despite a shortage of land relatively, the country has moved ahead on solar plans and is a crucial market for high end modules.

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