Internal growth through the additional acquisition of interests in power plant SPCs
First written in FY2017. 13 of 19 entries say "Advanced", first in FY2018-Q2. Latest entry: 2026-07-31.
No other company in this theme has enough history to compare yet.
- 2026-07-31AdvancedTimely disclosure
「We have the right to acquire the special-purpose company equity interests held by the respective companies after the start of operations, totaling 40.0%. If we exercise this right, our equity interest will be 80.0%.」
The company has specified its right to acquire the co-sponsors' interests in the energy storage facility after the start of operations and its equity interest of 80.0% following exercise of that right. - FY2026AdvancedAnnual report
「As of 31 March 2026, R1 Battery Storage GK has the right, under the memorandum of understanding for the project, to acquire additional interests held by the joint sponsor after operations begin, representing an investment ratio of 40.0%. If the right is exercised, the company's voting rights ownership ratio will be 80.0%. R2 Battery Storage GK has the right to acquire an additional interest held by the joint sponsor, representing an investment ratio of 48.0%, and its voting rights ownership ratio upon exercise will be 87.0%.」
The model of making an initial investment at the equity-method level and increasing the interest after operations begin has also been applied to the battery storage projects, with the additional acquisition rights and post-exercise ratios specified for R1 and R2. - 2026-03-31AdvancedTimely disclosure
「We have the right to acquire the special-purpose company equity interests held by the respective companies after the start of operations, totaling 40.0%. If we exercise this right, our equity interest will be 80.0%.」
The company has specified its right to acquire a total 40.0% interest held by co-sponsors after the start of operations, which would increase its equity interest to 80.0%. - FY2026-H1AdvancedAnnual report
「The company has entered into a memorandum of understanding concerning the transfer of interests and other interests in R3 Battery Storage GK with its joint sponsors SMFL Mirai Partners Co., Ltd. and 1 other company. Under this memorandum, the company has the right to acquire special-purpose company interests held after operations begin, representing a total of 36%; if the right is exercised, the company's investment ratio will be 75.0%.」
For the battery storage project as well, the company has given concrete form to the right to acquire an additional 36% interest held by the joint sponsors after operations begin, increasing its investment ratio to 75.0%, while limiting its investment during development. - FY2024-Q1AdvancedAnnual report
「With respect to the Hitoyoshi Solar silent partnership business, the company exercised its right on 31 May 2023 under the memorandum of understanding concerning the transfer of silent partnership interests and other interests to acquire additional silent partnership interests held by the joint sponsor, resulting in an investment ratio of 100%.」
Under the investment model of acquiring additional interests in power plant SPVs after completion or at other times, the company exercised its right to acquire additional interests in Hitoyoshi Solar, increasing its investment ratio to 100%. - FY2022-Q3AdvancedAnnual report
「During the third quarter of the current consolidated fiscal year, the company acquired additional interests in the consolidated subsidiary Kamai Sonbo Solar silent partnership business. As a result, the company's investment ratio in the Kamai Sonbo Solar silent partnership business increased from 46.0% to 55.0%.」
The investment model of acquiring additional interests in power plant SPVs was also applied to Kamai Sonbo Solar, increasing the investment ratio from 46.0% to 55.0%. - FY2022-Q1AchievedAnnual report
「The company acquired additional shares in Kanda Biomass Energy Co., Ltd. (Kanda Biomass), an equity-method affiliate that operates the Kanda Biomass power generation business in Kanda Town, Kyoto District, Fukuoka Prefecture, with an installed capacity of 75.0 MW, on 28 July. As a result, the company's investment ratio in Kanda Biomass increased to 53.07%, making it a consolidated subsidiary.」
For Kanda Biomass, the company acquired additional shares from the co-investors on 28 July 2021 and made it a consolidated subsidiary with an investment ratio of 53.07%. - FY2021-Q3AdvancedAnnual report
「On 12 February 2021, in connection with the Kanda Biomass project, the company entered into an agreement with its joint business partner Veolia Japan Co., Ltd. concerning a right of the company to acquire, after the Kanda Biomass project begins operations, the shares in Kanda Biomass Energy Co., Ltd. held by Veolia Japan Co., Ltd., representing a 10% shareholding (call option). If the right is exercised under the additional acquisition agreement, the company's investment ratio will be 53.07%, and Kanda Biomass Energy Co., Ltd. is expected to become a consolidated subsidiary of the company.」
The company had previously stated that it did not have the right to acquire additional interests in Kanda Biomass, but entered into a call option agreement on 12 February 2021 for the 10% interest held by Veolia Japan. Upon exercise, the investment ratio will be 53.07%, and the company is expected to make it a consolidated subsidiary. - FY2021-Q2AdvancedAnnual report
「The company's current investment ratio in the company is 29.0%. The company also has the right, after the completion date of the Sendai Gamou Biomass Power Plant, to acquire additional special-purpose company interests representing a total of 31.0% from the joint sponsors. If the right is exercised, the company's investment ratio in the company will be 60.0%.」
For the Sendai Gamou Biomass Power Plant, the company specified its current investment ratio of 29.0% and its right to acquire an additional 31.0% interest held by the joint sponsors after completion, increasing its investment ratio to 60.0%. - FY2020-Q3AdvancedAnnual report
「Under the memorandum of understanding concerning the transfer of silent partnership interests and other interests in Hitoyoshi Solar GK, the company has the right to acquire all of the 62.0% silent partnership interest held by the joint sponsor after the completion date of the Hitoyoshi Solar Power Plant.」
The investment model of limiting the investment ratio during development and acquiring additional interests after completion was extended to the right to acquire a 62.0% interest in Hitoyoshi Solar. - FY2020-Q1AdvancedAnnual report
「In July 2019, after the end of the first quarter of the current consolidated fiscal year, the company acquired additional interests in the Kamai Nishi Solar silent partnership business, an equity-method affiliate. As a result, the company's investment ratio in the Kamai Nishi Solar silent partnership business increased from 38.0% to 51.0%, and the company made the business a consolidated subsidiary.」
The investment model of maintaining an equity-method-level interest during development and acquiring additional interests after operations begin or at other times made concrete progress at Kamai Nishi Solar through an additional acquisition and its conversion into a consolidated subsidiary. - FY2019-Q4AdvancedAnnual report
「The company has the right, after the completion date of the Tokushima Tsuda Biomass Power Plant, to acquire additional interests in the company representing 24.7% and held by some of the co-investment companies. If the right is exercised in full, the company's voting rights ownership ratio in the company will be 64.4% (investment ratio: 60.8%; dividend ratio: 70.4%).」
For the Tokushima Tsuda Biomass Power Plant, the company specified its right to acquire an additional 24.7% interest held by the co-investment companies after completion, and the investment ratio of 60.8% and dividend ratio of 70.4% if the right is exercised in full. - FY2019-Q3RestatedAnnual report
「The company does not have the right to acquire additional interests in Kanda Biomass Energy Co., Ltd. held by the 4 co-investment companies.」
The company reconfirmed the limitation that, under its investment model of acquiring additional interests in power plant SPVs after completion or at other times, it does not have the right to acquire additional interests in the Kanda Biomass project. - FY2019-Q2SoftenedAnnual report
「The company does not have the right to acquire additional interests in Kanda Biomass Energy Co., Ltd. held by the 4 co-investment companies.」
The company specified the limitation on the scope of its investment model for acquiring additional interests in power plant SPVs after operations begin or at other times, noting that it does not have the right to acquire additional interests from the joint sponsors in the Kanda Biomass project. - FY2018RestatedAnnual report
「After operations began, the company increased its investment interests through the exercise of call options and investment negotiations with co-investors, seeking to maximize the returns generated over the FIT period.」
The company reconfirmed its investment model of limiting its investment during development and increasing its interest after operations begin. - FY2018-Q4RestatedAnnual report
「The company has the right, under the memoranda of understanding concerning the transfer of silent partnership interests and other interests in Yokkaichi Solar GK and Nasukarasuyama Solar GK, to gradually acquire additional silent partnership interests held by the joint sponsor, representing 62% in each case, after completion of the large-scale solar power plants at Yokkaichi Solar and Nasukarasuyama Solar.」
The company has restated its right to gradually acquire the joint sponsor's interest in Yokkaichi Solar and Nasukarasuyama Solar up to 62% in each case after completion. - FY2018-Q3AdvancedAnnual report
「The company has the right, under the memoranda of understanding concerning the transfer of silent partnership interests and other interests in Yokkaichi Solar GK and Nasukarasuyama Solar GK, to gradually acquire additional silent partnership interests held by the joint sponsor, representing 62% in each case, after completion of the large-scale solar power plants at Yokkaichi Solar and Nasukarasuyama Solar.」
The right to acquire additional interests after completion has been extended from the existing Yokkaichi Solar project to Nasukarasuyama Solar, with the right to gradually acquire 62% of the joint sponsor's interest in each project. - FY2018-Q2AdvancedAnnual report
「The company has the right, under the memorandum of understanding concerning the transfer of silent partnership interests and other interests in Yokkaichi Solar GK, to gradually acquire additional silent partnership interests held by the joint sponsor, representing 62%, after the completion date of Yokkaichi Solar's large-scale solar power plant.」
In addition to investment during the development stage, the Yokkaichi Solar project has given concrete form to the right to gradually acquire an additional 62% interest held by the joint sponsor after completion of the power plant. - FY2017First statedAnnual report
「Amid funding constraints, the company intends to diversify the allocation of investment funds during the development stage among the SPVs for each power plant, in order to bring more renewable energy power generation projects into operation at an early stage.」
The company described an investment model in which its initial interest is kept at the equity-method level and increased through call options and other means after operations begin.