Idemitsu Renewables
Idemitsu Renewables is a US-based independent power producer and utility-scale solar and battery storage developer, a wholly-owned subsidiary of Japan's Idemitsu Kosan. It owns and operates 400+ MW of projects under long-term PPAs with utilities, municipalities, and CCAs in California and Colorado, with a 1,000+ MW pipeline.
- Company typePrivate
- Founded2010
- HeadquartersSan Francisco, United States
- Headcount11–50
- GTM typeB2B
- OfferingServices
What Idemitsu Renewables does
Idemitsu Renewables is the US-based independent power producer and utility-scale solar and battery storage subsidiary of Idemitsu Kosan Co., Ltd., one of Japan's largest energy companies. Founded in 2010 as Solar Frontier Americas and rebranded in June 2020, the company acquires, develops, finances, constructs, owns, and operates utility-scale photovoltaic power plants and co-located battery energy storage systems across the United States, with offices in San Francisco and Reno, Nevada.
The company's operating portfolio exceeds 400 MW across five projects: Azalea (60 MWac solar + 38 MWac/152 MWh storage in Kern County, CA, COD December 2025), Mustang Two (140 MWac in Kings County, CA), Pioneer (80 MWac in Adams County, CO), Central 40 (40 MWac in Stanislaus County, CA), and Luciana (56 MWac in Tulare County, CA). A development pipeline of more than 1,000 MW spans the CAISO, WECC, MISO, and PJM markets. Core technology relies on standard utility-scale PV with lithium-ion BESS, using NEXTracker single-axis trackers, Power Electronics inverters, and EPC contractors including SOLV Energy and Blattner Energy.
Idemitsu Renewables generates revenue primarily through long-term Power Purchase Agreements (PPAs) of 15-25 years with investor-owned utilities, municipal utilities, Community Choice Aggregators, and corporate/industrial customers. Secondary revenue comes from project development and sale activity (the company states it has "developed, constructed, and sold hundreds of MWs" of utility-scale solar projects). The company also enters into co-development partnerships and, most recently, expanded internationally via the Muswellbrook Solar Farm & Battery co-development in New South Wales, Australia. Project financing is executed at the SPV level through tax equity (Morgan Stanley Renewables, RBC Capital Markets, U.S. Bank) and construction-to-term debt (KeyBank, Mizuho, Rabobank, Commerzbank), leveraging the financial backing of parent Idemitsu Kosan.
Idemitsu Renewables firmographics
Firmographics- Name
- Idemitsu Renewables
- Legal name
- Idemitsu Renewables America, Inc.
- Website
- https://idemitsurenewables.com
- Company type
- Private
- Founded year
- 2010
- Operating status
- Operating
- Headcount range
- 11–50 employees
- Short description
- Idemitsu Renewables is a US-based independent power producer and utility-scale solar and battery storage developer, a wholly-owned subsidiary of Japan's Idemitsu Kosan. It owns and operates 400+ MW of projects under long-term PPAs with utilities, municipalities, and CCAs in California and Colorado, with a 1,000+ MW pipeline.
- Ownership category
- akta.pro rank
Idemitsu Renewables industry classification
Industry- Product category
- Utility-Scale Solar Power Generation
- NAICS
- Solar Electric Power Generation (221114), Electric Power Generation (22111)
- SIC
- Cogeneration Services & Small Power Producers (4991)
- akta.pro primary industry
- Development-Stage M&A & Portfolio Acquisition (Early-Stage/Ready-to-Build) (EUAMAAAF)
- akta.pro secondary industries
- Hybrid PPAs (Renewables + Storage) & Firm Renewable Products (EUAGADAI), Development Management & Owner’s Engineering (Design Basis, Yield, Technical Due Diligence) (EUAMAAAG)
Keywords
Where Idemitsu Renewables is headquartered
LocationHeadquarters
- HQ city
- San Francisco
- HQ country
- United States
- HQ region
- North America
Offices2 records
Markets served
Idemitsu Renewables business model
Business model- GTM type
- B2B
- Offering type
- Services
- Cost components
- Supply Chain, Infrastructure, Operations, Personnel, Technology or R&D, Marketing or Sales
Revenue model
- Power Purchase Agreement (PPA) Sales: Idemitsu Renewables generates revenue by selling electricity generated from its utility-scale solar and storage projects under long-term PPAs to utilities, municipalities, Community Choice Aggregators, and corporate customers. The company develops projects to own and operate, generating recurring revenue from power sales over 15-25 year contract terms.
- Project Development and Sale: The company also develops solar projects for sale to other operators, having developed, constructed, and sold hundreds of MWs of utility-scale solar projects. This includes both greenfield development and acquisition of projects for resale.
Go-to-market motion1 record
Distribution channels3 records
Marketing channels4 records
Idemitsu Renewables product offering
Product offeringCore offering
Idemitsu Renewables acquires, develops, finances, constructs, owns, and operates utility-scale solar photovoltaic power generation plants with co-located battery energy storage systems in the United States. The company generates revenue by selling electricity under long-term Power Purchase Agreements (PPAs) to utilities, municipalities, Community Choice Aggregators, and corporate customers, while also developing projects for sale to other operators. Its operating portfolio spans over 400 MW across California and Colorado, with a development pipeline exceeding 1,000 MW across CAISO, WECC, MISO, and PJM markets.
Product overview
Idemitsu Renewables operates as a utility-scale solar and energy storage developer and independent power producer (IPP). The company acquires, develops, finances, constructs, owns and operates utility-scale solar power generation plants and battery storage systems throughout North America. Its project portfolio includes five major operating projects: Azalea (solar-plus-storage), Mustang Two, Pioneer, Central 40, and Luciana. Projects are developed for sale or for long-term ownership and operation. The company has offices in California and Nevada, and operates across CAISO, WECC, MISO and PJM markets with an extensive solar and storage development pipeline exceeding 1,000 MW.
Differentiator
Problem solved
Functional benefit
Products and services
- Azalea Solar and Storage Project Utility-scale solar-plus-storage hybrid project combining 77.8 MWp (60 MWac) of solar PV generation with 38 MWac/152 MWh of co-located lithium-ion battery energy storage. Located in Kern County, California, it provides dispatchable clean energy during evening and peak demand periods to Sonoma Clean Power Authority under a long-term PPA.
- Mustang Two Solar Project Utility-scale solar project with 210 MWp (140 MWac) capacity on a 1,400-acre site in Kings County, California. Delivers solar power to Peninsula Clean Energy and Modesto Irrigation District under long-term PPAs and powers approximately 37,500 homes.
- Pioneer Solar Project Utility-scale solar project with 100 MWp (80 MWac) capacity located east of Denver in Adams County, Colorado. Sells power under a long-term PPA to Intermountain Rural Electric Association (IREA), serving more than 160,000 customers across 11 Colorado counties.
- Central 40 Solar Project Utility-scale solar project with 50.5 MWp (40 MWac) capacity located in Stanislaus County, California. Delivers clean power to Silicon Valley Power under a long-term PPA serving the City of Santa Clara.
- Luciana Solar Project Utility-scale solar project with 73 MWp (56 MWac) capacity located in Tulare County, California. Provides clean power to over 20,000 homes under a 15-year PPA with East Bay Community Energy.
- Muswellbrook Solar Farm & Battery Project Utility-scale solar and battery storage hybrid project combining 135 MW of solar generation with 100 MW of battery storage capacity. Located in New South Wales, Australia, on land adjacent to the former Muswellbrook Coal Mine, with a secured long-term hybrid PPA.
Quantifiable outcome
- Azalea project powers approximately 20,000 homes and offsets 50,000 metric tons of CO2 annually
- +2 more outcomes
Companies that use Idemitsu Renewables
Customer profileNamed customers8 records
Segments3 records
Ideal customer profiles3 records
Idemitsu Renewables technology and API
TechnologyTechnology focussed No
API detail
- Has API
- No
- API docs
- API detail
Core technology
AI maturity
App detail
Feature1 record
Idemitsu Renewables partnerships and signals
Strategic signalPartnerships
Five partnerships are on record, tiered minor and core.
- Idemitsu AustraliaminorIdemitsu Australia co-developed the Muswellbrook Solar Farm & Battery project (135 MW solar + 100 MW battery storage) in New South Wales, Australia, with OX2. Idemitsu Australia remains the long-term landholder for the project located adjacent to the former Muswellbrook Coal Mine.
- SOLV EnergycoreSOLV Energy served as the engineering, procurement, and construction (EPC) services provider for the Azalea solar-plus-storage project in Kern County, California. The project achieved commercial operation in December 2025.
- Blattner EnergycoreBlattner Energy provided EPC services for the Midway I and Midway II solar projects (107 MWp combined) in Imperial County, California.
- Power ElectronicscorePower Electronics supplied inverters for the Midway I and Midway II solar projects in Imperial County, California.
- NEXTrackercoreNEXTracker supplied NX Horizon single-axis trackers for the Midway I and Midway II solar projects, enabling increased energy yields.
Scale indicators3 records
Recent moves7 records
Expansion highlights5 records
Idemitsu Renewables competitors and assessment
Company assessmentDirect peers
- Avantus (formerly 8minute Solar Energy): U.S. utility-scale solar and storage developer/owner-operator with multi-GW pipeline and hybrid project focus. Acquired by ENGIE in 2022, comparable to Idemitsu as a California-headquartered solar+storage IPP with project financing track record.
- Cypress Creek Renewables: U.S. utility-scale solar developer and operator with focus on community solar, hybrid storage, and C&I PPAs. Comparable mid-sized IPP model with similar GTM through direct utility and corporate off-taker relationships.
- Lightsource bp: Global utility-scale solar developer and owner-operator with significant U.S. footprint. Comparable business model as a developer/IPP pursuing long-term PPAs with utilities and corporate offtakers.
- Recurrent Energy (Canadian Solar subsidiary): U.S. utility-scale solar and storage developer/IPP and subsidiary of Canadian Solar. Notably was the seller of the 210 MWp Mustang Two project to Idemitsu Renewables in 2018, making it a directly comparable IPP with overlapping California footprint.
- Longroad Energy: U.S.-focused utility-scale renewable energy developer, owner, and operator with multi-GW solar+storage pipeline. Comparable mid-sized IPP model targeting similar utility and corporate off-takers under long-term PPAs.
Broad incumbents
- ENGIE North America: Major U.S. renewable energy developer and operator owned by French utility ENGIE. Comparable as a large-scale solar+storage developer/IPP serving utility and corporate off-takers, with broader portfolio across multiple technologies.
- Invenergy: Privately-held U.S. renewable energy developer and operator with large-scale solar, wind, and storage portfolio. Comparable as a large-scale renewable IPP with similar enterprise sales motion targeting utilities and corporate off-takers.
- EDF Renewables North America: U.S. subsidiary of EDF Renewables Group, a major utility-scale wind, solar, and storage developer/IPP. Comparable as a large-scale renewable developer targeting utilities, CCAs, and corporate off-takers with similar financing structures.
- AES Clean Energy: U.S. renewable energy development subsidiary of The AES Corporation with multi-GW solar and storage pipeline. Comparable as a large-scale utility-scale solar+storage developer/IPP, though backed by a larger publicly-traded parent.
- Clearway Energy Group: One of the largest U.S. owners and operators of renewable energy with substantial solar and storage portfolio. Comparable as a publicly-traded renewable IPP with long-term PPAs, though larger and more diversified across technologies.
Market position
Strengths5 records
Weaknesses5 records
Competitive moat5 records
Key risks6 records
Key highlights7 records
Customer concentration
Idemitsu Renewables social profiles
Digital presenceIdemitsu Renewables financial estimates
Financial estimateRevenue estimate
Valuation estimate
Idemitsu Renewables leadership team
Management profileNumber of profiles
Profiles3 records
Idemitsu Renewables funding detail
Funding detailFunding overview
Funding rounds2 records
Investors2 records
Funding detail is available on the Subscription and Enterprise plan.Contact sales →
Idemitsu Renewables M&A and investment
M&A and investmentM&A
Investments
M&A and investment is available on the Subscription and Enterprise plan.Contact sales →
Frequently asked questions about Idemitsu Renewables
What does Idemitsu Renewables do?
Idemitsu Renewables acquires, develops, finances, constructs, owns, and operates utility-scale solar photovoltaic power generation plants with co-located battery energy storage systems in the United States. The company generates revenue by selling electricity under long-term Power Purchase Agreements (PPAs) to utilities, municipalities, Community Choice Aggregators, and corporate customers, while also developing projects for sale to other operators. Its operating portfolio spans over 400 MW across California and Colorado, with a development pipeline exceeding 1,000 MW across CAISO, WECC, MISO, and PJM markets.
Is Idemitsu Renewables a public or private company?
Idemitsu Renewables is a private company. It is classified as corporate owned and is currently operating.
When was Idemitsu Renewables founded?
Idemitsu Renewables was founded in 2010. It employs 11 to 50 people.
Where is Idemitsu Renewables based?
Idemitsu Renewables is headquartered in San Francisco, United States, in the North America region.
How does Idemitsu Renewables make money?
Two revenue lines are on record. Power Purchase Agreement (PPA) Sales are the primary driver. The others are project Development and Sale.
Who are Idemitsu Renewables's main competitors?
Direct peers on record are Avantus (formerly 8minute Solar Energy), Cypress Creek Renewables, Lightsource bp, Recurrent Energy (Canadian Solar subsidiary) and Longroad Energy. Broad incumbents are ENGIE North America, Invenergy, EDF Renewables North America, AES Clean Energy and Clearway Energy Group.
Does Idemitsu Renewables have an API?
No public API is recorded for Idemitsu Renewables.
What industry is Idemitsu Renewables in?
Idemitsu Renewables's product category is Utility-Scale Solar Power Generation. Its primary akta.pro industry code is EUAMAAAF, Development-Stage M&A & Portfolio Acquisition (Early-Stage/Ready-to-Build), with a secondary code of EUAGADAI, Hybrid PPAs (Renewables + Storage) & Firm Renewable Products. Its NAICS code is 221114 and its SIC code is 4991.