Japan’s new alliance for 1GW solar power in Spain and Italy

Tokyu Real Estate Co., Ltd. and Renewable Japan Co., Ltd. have entered a strategic alliance, setting a robust target to develop and own 1 GW (1,000 MW) of renewable energy power plants in Southern Europe over the next few years, primarily focusing on Spain and Italy.

The first stride under this alliance was the acquisition of a solar power plant in Manzanares, Ciudad Real Province, Spain, with a substantial capacity of 39.9 MW at the end of September.

Southern Europe is emerging as a hotbed for solar power plants, owing to its abundant sunlight and gentle hills suitable for solar power generation. Spain, in particular, is a thriving market, promising stable business opportunities. Plans are in place to leverage the local network built by RJ EURODEVELOPMENT, S.L., Renewable Japan’s subsidiary in Spain, to accelerate the development of solar power plants in the region.

The alliance between Tokyu Real Estate and Renewable Japan began in August 2017, with both companies focusing on expanding their solar power generation business in Japan. Their combined expertise and experience have culminated in a solid track record of over 2 GW in solar power generation development.

In light of this new agreement, both companies will combine their respective strengths, resources, and values to forge meaningful partnerships with local companies in Southern Europe. They aim to reach their ambitious target of “1 GW” swiftly, thereby significantly contributing to the international push for a carbon-free society.