SPARX Group, Toyota to raise $264.58m for Japanese renewables fund

Car-maker Toyota will inject $88.18m into the fund.

Fund specialist SPARX Group and Toyota Motor Corporation agreed to put up a $264.58m (¥30b) fund which aims to invest in Japan's renewable energy power facilities.

Called the Mirai Renewable Energy Fund, it aims to support initiatives towards a low-carbon society that makes maximum use of clean energy.

The Mirai Renewable Energy Fund targets the development of solar, wind, biomass, geothermal, and hydraulic power sources. The fund also aims to develop new renewable energy facilities instead of investing in existing ones.

Toyota is expected to inject $88.18m (¥10b) into the fund.

Fundraising for the Mirai Renewable Energy Fund is scheduled from 1 November 2018 until 29 March 2019. The funding period will be from 25 years from the day the fund is formed.