GIG portfolio firm, Univergy set up Japanese solar JV

• Blue Leaf Energy Asia Pte Ltd, a portfolio business of Green Investment Group Ltd (GIG), has developed a solar joint venture (JV) in Japan with Spanish-Japanese renewable resource group Univergy International SL, it was revealed today.

GIG becomes part of Australian investment bank Macquarie Group Ltd (ASX: MQG).

The JV is called Hinode Energy KK and also will develop large-scale solar projects in Japan. It has an initial portfolio of more than 200 MW throughout the nation.

The step marks a growth right into Japan for Blueleaf Energy, which focuses on business and commercial (C&I) rooftop and also utility-scale photovoltaic or pv (PV) projects in the Asia Pacific area. Univergy has actually been joining the Japanese solar market given that 2012.

According to Blueleaf Energy, Japan, one of the biggest solar markets internationally, provides substantial possibilities for added growth. To reach its target of net-zero greenhouse gas discharges, the country ought to triple the share of renewables generation in its energy mix by 2050, the business claims.

"Solar currently accounts for 87% of Japan's complete renewable resource capacity, however if we're to attain net absolutely no, we require to more increase the release of this important technology," claimed Hinode Energy chief executive Jose Antonio Millan.

This is not the first time GIG has actually partnered with Univergy. In March 2019, the two launched a joint growth system called Nara Solar with an initial concentrate on the Spanish market.