JERA Collaborates with West Corp. for 1GW Solar Power Production in Japan

The biggest power company of Japan, JERA and West Holdings Corporation, have reached a final agreement for developing solar power generation projects in Japan of about 1 GW. The official statement of JERA announces that the company has also concluded a share purchase agreement with a shareholder of West HD to acquire approximately 2.3% of its outstanding shares.

JERA says that it has formulated the business alliance with West HD in a way to combine their respective strengths in energy to accelerate the development of solar power generation in Japan. This will help grow their RE businesses and contribute in achieving decarbonisation of Japanese society by 2050.

Based on the Agreement, both companies will develop solar power projects for JERA at new sites and at former JERA power plant sites in Japan. The total development target is of at least 1 GW over 4 years through the end of financial year 2025.

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JERA says that if projects are developed at the scale stipulated in the Agreement, JERA will become one of Japan’s largest solar power generation producers. The two companies will develop, construct, and operate solar power generation projects with the understanding and cooperation of local communities based on consideration for the environment.

The two companies also agreed to consider the sale by West HD to JERA of electricity generated by solar power generation facilities owned and operated by West HD. They will also explore joint solar power generation business opportunities for third parties in Japan and overseas.

JERA wants to become a global leader in renewable energy by 2025. JERA says that it will continue to work with various players in Japan and overseas to expand the installed capacity of renewable energy. This is in order to realize its objective of “JERA Zero CO2 Emissions 2050.”

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West HD had also recently launched the ‘West Group Carbon Neutral Vision 2025’ under which it looks to reduce CO2 emissions throughout society. West HD wants involvement in 2.0 GW in renewable energy generating capacity in Japan and outside. Through its alliance with JERA, West HD seeks to raise this target even higher.