by Mina Mesbahi & Saori Minamino, Solarplaza
As the calendar inches towards the Solar Asset Management Asia Conference 2018, we review the top 30 solar asset owners in the Japanese market and reflect on the changes occurred, concerning the solar asset ownership in Japan over the last year.
The Japanese solar PV market has experienced a significant expansion, primarily aided by the introduction of a feed-in-tariff (FiT) scheme for renewables in July 2012. These tariffs have proven to be an effective vehicle to bolster growth in the solar industry by attracting a myriad of local and international investors. This article provides an overview of the top 30 solar portfolios in Japan and some additional insights into the changes in the solar asset ownership in the Japanese market over the last year. Overall, the data demonstrates that the market has continued to grow in terms of added megawatt capacity and the top 30 portfolios account for 14% of that growth.
The overview presented below comprises the 30 largest solar portfolios as per end of 2017. These portfolios represent a total of 4.7 GW, which is 1.1 and 1.4 GW higher than the cumulative capacity of the top 30 in 2016 and 2015 respectively. This indicates a capacity increase of approximately 40% in a mere span of two years (2015-2017).
Top 10 Japanese Solar PV Portfolios
|Total MWp||Total projects||Shared Ownership (%)||Co-owned MWp||Fully owned MWp||Most plants in||Largest plant||Smallest plant||Average plant|
|3||Mitsui & Co.||336.6||8||F.O.||F.O.||F.O.||F.O.||F.O.||F.O.||F.O.|
|4||NTT Facilities Inc.||265.3||77||F.O.||F.O.||F.O.||F.O.||F.O.||F.O.||F.O.|
|6||Eurus Energy Holdings Corporation||247.5||9||F.O.||F.O.||F.O.||F.O.||F.O.||F.O.||F.O.|
|7||Japan Renewable Energy||196.3||33||F.O.||F.O.||F.O.||F.O.||F.O.||F.O.||F.O.|
|8||Kyocera TCL Solar||166.9||58||F.O.||F.O.||F.O.||F.O.||F.O.||F.O.||F.O.|
*F.O. = See Full Overview
ORIX “takes it all” - ORIX corporation remains the largest solar asset owner in Japan, for the second consecutive year.
About 60% of the capacity of the top 30 portfolios is owned by the top 30%.
The top 10 portfolios individually range from 140 MW to more than 520 MW.
6 new owners have made the top 30 in 2017, the highest ranked of which is Sparx sitting in the top 10 with a capacity of 157 MW.
Japan’s cumulative PV capacity stood at about 49 GW at the end of 2017. The top 30 portfolio owners account for solely 13% of that capacity, which illustrates even further fragmentation of the market when compared with the year prior.
Within each solitary portfolio, there is a vast difference in the capacity of the largest versus smallest plant. For instance, two of the top three largest portfolios own plants as small as 2 MW and as large as 111 MW.
The average plants size of the top 10 portfolios is 15.1 MW, and the respective average capacity for the top 30 is 12.9 MW. In comparison with 2016, the average plant size for the top 10 has decreased by approximately 13%, whereas the average plant size of the top 30 portfolio has increased by the same percentage.
Hokkaido remains the most concentrated region with more than 20% of the top 30 portfolios owning plants located on this island, which is Japan’s second largest island and situated at the country’s northernmost prefecture.