RENOVA signs direct solar PPA with Tokyo Gas

Partnership supports corporate and local government decarbonisation efforts.

RENOVA, Inc. has signed a direct power purchase agreement (PPA) with Tokyo Gas Co., Ltd. for the supply of electricity from new solar power plants to be developed by the company.

The agreement, which is already in effect, marks RENOVA's first Direct PPA as it expands its renewable energy business beyond the Feed-in Tariff (FIT) system. The company currently develops and operates renewable energy projects utilizing solar, biomass, wind, geothermal, and hydroelectric resources.

RENOVA said the deal is part of its strategy to grow its Non-FIT renewable energy business, including Direct PPAs and Feed-in Premium (FIP) projects.

The company  established its Green Transformation (GX) Division in April 2022 to accelerate decarbonisation initiatives and develop new clean energy businesses.

RENOVA said it will continue supplying renewable energy to companies pursuing RE100 commitments and local governments while expanding its decarbonisation business.

The company added that the agreement is expected to have a minimal impact on its financial results for the fiscal year ending March 31, 2023.