Renewable Japan and Tokyu Land Corporation have signed a joint investment agreement to boost renewable energy projects in southern Europe from a base in Spain. The first step was the acquisition of a 39.9-megawatt solar power plant in Manzanares (Ciudad Real) last September.

The joint venture by the two Japanese firms, both headquartered in Tokyo, aims to develop renewable energy plants to form a wholly-owned portfolio that aims to reach one gigawatt of capacity. The joint investment will focus primarily on Spain and Italy, according to the statement issued jointly by the two firms.

Solar radiation and terrain
The combination of sunshine and gentle terrain attracted the attention of Renewable Japan and Tokyu Land Corporation. The two partners value the fact that the area in southern Europe they have decided to invest in “receives a comparatively high number of sunshine hours, and this, together with an abundance of rolling hills, makes it suitable for solar power generation, so the region is an extremely attractive market for developing solar power plants”.

This has convinced the two companies that they will be able to secure stable business opportunities on an ongoing basis in the future. During the first stage, the new solar plants will be developed through Renewable Japan's Spanish subsidiary, RJ Eurodevelopment, whose local team has already developed a network.

A shared vision
The alliance between the two Japanese companies, which spans capital and business in the field of renewable energy, dates back to August 2017. Specialising in the development of solar energy projects, both started to build their portfolio at a local level, and together they now have over two gigawatts of capacity in Japan.

Renewable Japan and Tokyu Land Corporation share a vision of further growth in the development of renewable energy projects, and have decided to combine their expertise and contribute to promoting the supply of environmentally friendly energy abroad.

Tokyu Land Corporation will contribute its resources as a comprehensive developer, which will be combined with Renewable Japan's development, operation and management system. Through their operations centre in Spain they also want to strengthen their partnerships with local companies, with a view to reaching their goal of one gigawatt of capacity as soon as possible.

^{Photo: Renewable Japan}