Investment in the geothermal power project in Hakodate City, Hokkaido
Investment Date: May 21, 2019
This medium-sized geothermal development project in Hakodate City, Hokkaido, is our first investment in geothermal power. We aim to accelerate our initiatives in geothermal energy both in Japan and overseas, leveraging the experiences and insights gained from this project.
Investment Highlights
We have been developing this project in collaboration with RENOVA, Inc. ("RENOVA") and Mitsubishi Materials Corporation ("Mitsubishi Materials"). RENOVA is a pioneer in Japan's renewable energy industry, with strong capabilities in planning, development and O&M of renewable energy projects. Mitsubishi Materials is another Japanese company known for its expertise in hydroelectric power and geothermal electricity generation. The geothermal resource assessment in the area first received a subsidy in 2015 from the Japan Organization for Metals and Energy Security. Our participation in this project began in 2019.
Future Actions
Japan has abundant geothermal resources, but the development of geothermal power remains limited. This project is a rare and valuable opportunity to invest in one of the few domestic geothermal power projects. We are committed to actively exploring geothermal investment opportunities both in Japan and internationally.
Posted on March 6, 2019