Renewable energy and sustainability services company Enfinity Global announced the acquisition of a 250 MW solar photovoltaic portfolio in Japan, which includes three solar power plants and five projects under construction with an enterprise value of $1 billion.

The transaction marks a significant expansion in the country for Enfinity, bringing its renewables portfolio to 281 MW across nine owned and managed projects, all operating under the Feed in Tariff program, a policy tool encouraging the deployment of renewable electricity technologies.

Peter Hennessy, Enfinity Global’s VP of Business Development, said:

“Over the last 7 years, members of our team have been developing these nine projects by successfully combining our local capabilities with global know-how. This acquisition reflects our long-term commitment to Japan.”

The acquisition comes as Japan looks to rapidly grow its renewable energy capacity. In July, the government revealed details of its energy strategy, which included plans to roughly double the share of renewable energy to 36%-38% of the energy mix by 2030, compared to less than 20% currently. Japan has committed to reach net zero emissions by 2050, with an interim 2030 goal to reduce greenhouse gas emissions by 46% by 2030.

Enfinity stated that it plans to continue its growth in Japan´s renewable energy market in 2022.

Carlos Domenech, CEO of Enfinity Global, said:

“The acquisition of this portfolio consolidates Enfinity’s positioning as one of the leaders in Japan’s renewable market. We believe the market will grow significantly to support Japan’s ambitious 2050 decarbonization target. Our team’s expertise places Enfinity in an excellent position to play an important role in this new scenario.”