GF Corp

What GF Corp does

GF Corporation (株式会社 GF) is a Japanese renewable energy and engineering services company headquartered in Anan City, Tokushima Prefecture. Founded in 1973 as Fujisaki Electric and reorganized in its current form through a 2019 merger with Gaia Power, the company operates four integrated business lines: utility-scale solar and wind power generation (development, EPC, ownership, and O&M), municipal water infrastructure engineering, and a proprietary Micro Mist Spray Dryer (MMSD) equipment business serving pharmaceutical, chemical, and advanced materials manufacturers globally. The 131-person company (as of April 2026) maintains regional offices in Fukushima and Kagoshima and has begun expanding internationally, notably into Taiwan offshore wind via the 180 MW Rui Li 1 floating project.

Its technology stack rests on three proprietary assets: (1) the MASCOT CFD wind analysis software and in-house Lidar wind observation equipment used to optimize wind farm siting and operations; (2) the patented MMSD liquid micro-particle injection nozzle (Patent No. 2797080, registered 1998 and successfully defended in court against Okawara Mfg. in 2020); and (3) remote monitoring and automation systems originally developed for the company's own solar plants and now applied to municipal water infrastructure. Operational renewable capacity totals 161 MW across four plants (including 100 MW Kanoya Osaki Solar Hills operational since 2020 and 11 MW Shichikuji Mega Solar since 2023), with the first wind project (Makikawa Masaki Wind Farm, 25 MW) coming online in March 2026 and an additional 105 MW in active development.

Revenue is generated through three channels: long-term (typically 20-year) FIT/FIP power purchase agreements with Japanese utilities covering owned generation assets; project-based EPC contracts frequently structured as joint ventures with major industrial partners including Kyocera, Kyudenko, Tokyo Century, JR East Energy Development, Sumitomo, Vestas Japan, IX Renewables, and Asia Cement; and bespoke MMSD equipment sales internationally alongside municipal water infrastructure contracts in Tokushima Prefecture. The combination of recurring regulated power revenues, episodic project EPC income, and bespoke equipment sales yields a blended annuity-plus-project revenue profile under CEO Koji Fujisaki.

Name

GF Corp

Legal name

株式会社 GF

Website

https://gfcorp.jp

Company type

Private

Founded year

2011

Operating status

Operating

Headcount range

101–250 employees

Short description

GF Corporation is a Japanese renewable energy and engineering services company that develops, builds, and operates 161 MW of solar and wind capacity, provides municipal water infrastructure engineering, and manufactures proprietary MMSD spray drying equipment for pharmaceutical and advanced materials manufacturers.

Ownership category

akta.pro rank

Product category

Renewable Energy EPC Services

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

SIC

Cogeneration Services & Small Power Producers (4991), Electronic & Other Electrical Equipment (No Computer Equip) (3600)

akta.pro primary industry

Operations, Maintenance & Asset Management (O&M, Vegetation, Spares, SCADA) (EUACAGAH)

akta.pro secondary industries

Renewable Energy Asset O&M (Wind, Solar, Hydro, Geothermal) (EUAEAGAB), Wind Power Plant EPC (Onshore/Offshore) (EUAEAAAF)

Keywords

• Solar power generation
• Wind power generation
• Renewable energy EPC
• Spray drying equipment
• Water infrastructure engineering

Headquarters

HQ city

Anan

HQ country

Japan

HQ region

Asia

Offices3 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

Personnel, Operations, Supply Chain, Technology or R&D, Infrastructure, Marketing or Sales

Revenue model

1. Renewable Energy Power Generation: GF develops, owns, and operates solar and wind power plants. Revenue is generated through the sale of electricity under long-term feed-in tariff (FIT) and feed-in premium (FIP) contracts with utility companies. The company holds ownership stakes in multiple power plant SPCs (special purpose companies) and receives power generation revenue.
2. EPC (Engineering, Procurement, Construction): Engineering, procurement, and construction services for solar and wind power plants, including development, design, financing arrangements, construction, and O&M. Projects are delivered for both company-owned plants and external clients.
3. MMSD (Micro Mist Spray Dryer) Equipment Sales: Design, manufacture, and sale of proprietary micro-mist spray drying equipment for pharmaceutical, food, chemical, and fine ceramic industries. Equipment ranges from lab-scale (MDL-050) to production-scale units. International sales to Europe and Asia.
4. Water Infrastructure Engineering Services: Electrical design, construction, and maintenance services for water treatment plants (drinking water, sewage, rainwater drainage), agricultural water supply facilities. Services include control panel design, installation, and commissioning for public infrastructure.

Pricing tiers

Go-to-market motion1 record

Distribution channels4 records

Marketing channels6 records

Core offering

GF Corp develops, owns, and operates utility-scale solar and wind power plants in Japan, delivering full turnkey solutions from land development and project finance through design, construction, and long-term O&M. The company also designs, manufactures, and sells its proprietary Micro Mist Spray Dryer (MMSD) equipment for producing ultra-fine powders (under 10μm average particle diameter) for pharmaceutical, chemical, food, and EV battery applications. Additionally, it provides electrical engineering, construction, and maintenance services for municipal water treatment plants.

Product overview

GF Corp is a renewable energy and engineering services company offering a portfolio of four main product lines: (1) Solar Power Systems for photovoltaic power generation with full turnkey solutions from development to O&M; (2) Wind Power Systems covering onshore and offshore wind generation; (3) Engineering Services including water infrastructure maintenance, control systems, and original equipment manufacturing; and (4) the Micro Mist Spray Dryer (MMSD), a proprietary spray drying device producing ultra-fine particles at 10μm or less for industrial applications in batteries, pharmaceuticals, and materials processing.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Power System
• Wind Power System
• Engineering Services
• Micro Mist Spray Dryer (MMSD)

Quantifiable outcome

• Kanoya Osaki Solar Hills generates approximately 117,000 MWh annually, equivalent to about 39,300 households' annual electricity consumption
• +3 more outcomes

Named customers6 records

Segments4 records

Ideal customer profiles3 records

Technology focussed Yes

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature5 records

Partnerships

Twelve partnerships are on record, tiered core, major and minor.

• JR東日本エネルギー開発株式会社 (JR East Energy Development)coreStrategic or Co-development Partner · 1 March 2026Joint venture partner in Makikawa Masaki Wind Farm (25MW, Ehime Prefecture). GF and JR East Energy Development co-established the project SPC and jointly developed, built, and now operate the wind farm under FIP scheme.
• 住友商事株式会社 (Sumitomo Corporation)majorStrategic or Co-development Partner · 1 March 2026Aggregator for Makikawa Masaki Wind Farm, handling all electricity and environmental value offtake. Markets power and environmental attributes to corporate PPA customers through Sumitomo's energy trading network.
• ベスタスジャパン株式会社 (Vestas Japan)majorTechnology or Integration · 1 March 2026O&M (Operations & Maintenance) service provider for Makikawa Masaki Wind Farm. Vestas provides turbine maintenance and operational support leveraging its global wind power expertise.
• 徳島大学majorStrategic or Co-development Partner · 19 January 2026Academic partnership for disaster prevention research. Tokushima University students conducted long-term practical internship research that proposed the company's headquarters as a regional disaster prevention base. Jointly developing self-sufficient disaster prevention infrastructure using solar power and batteries.
• 阿南市coreStrategic or Co-development Partner · 19 January 2026Disaster prevention partnership agreement signed January 2026. City-designated disaster shelter facility at GF headquarters capable of accommodating approximately 1,000 evacuees as tsunami evacuation building and 200 evacuees for one week as supplementary shelter.
• アジアセメント (Asia Cement Corporation, ACC)majorStrategic or Co-development Partner · 4 November 2025Taiwan's leading cement company partnering on the Rui Li 1 floating offshore wind project (180 MW). ACC contributes local industry knowledge and investment in Taiwan's energy transition toward net-zero goals.
• 株式会社COLORSminorOthers · 18 February 2025Joint nursery school use agreement providing employees with priority access to 6 childcare facilities across Tokushima Prefecture, supporting work-life balance for employees with young children.
• IX RenewablescoreStrategic or Co-development Partner · 28 June 2024Strategic partnership for Taiwan offshore wind power development. Collaborating on the Rui Li 1 floating offshore wind project (180 MW), with IX Renewables providing international project development expertise and GF contributing Japanese offshore wind technology and experience.
• 京セラ株式会社 (Kyocera Corporation)coreStrategic or Co-development Partner · 10 March 2020Co-investor in Kanoya Osaki Solar Hills (100MW) through joint venture SPC. Kyocera provides solar panel technology and financing alongside GF, Kyudenko, and Tokyo Century.
• 株式会社九電工 (Kyudenko Corporation)coreStrategic or Co-development Partner · 10 March 2020Co-investor and construction partner in Kanoya Osaki Solar Hills (100MW). Kyudenko handles electrical construction and provides project finance support as a major Kyushu-based engineering firm.
• 美馬ソーラーバレイ株式会社minorStrategic or Co-development Partner · 1 December 2012Joint venture for Mima Solar Valley (1.3MW) project in Tokushima Prefecture. GF holds 44% stake. Project involved citizen participation financing through private placement bonds.
• 清水建設株式会社 (Shimizu Corporation)majorImplementation/ SI/ Consulting PartnerConstruction contractor for Makikawa Masaki Wind Farm (Ehime Prefecture). Shimizu is one of Japan's largest general contractors, providing civil engineering and construction expertise for wind turbine installation.

Scale indicators7 records

Recent moves12 records

Expansion highlights5 records

Direct peers

• NTT Anode Energy Corporation: NTT Group's renewable energy arm developing and operating solar, wind, and storage assets. Comparable as a Japanese utility-scale renewable IPP leveraging deep corporate balance-sheet backing.
• Renewable Japan Co., Ltd. Japanese renewable energy developer and IPP operating solar and wind projects across Japan. Closely comparable in scale and business model — develops, owns, and operates utility-scale renewable plants, including offshore wind ambitions.
• Japan Wind Development Co., Ltd. (JWD): Specialized Japanese wind power developer and operator. Comparable to GF in target technology (wind), IPP business model, and engagement with regional Japanese stakeholders for permitting.
• Pacifico Energy K.K. Japan-based renewable energy developer focused on solar and wind IPP development. Comparable operating model — develop, finance, own, operate — and similar scale tier to GF Corp.
• SB Energy Corp. SoftBank Group's renewable energy arm; one of Japan's largest solar and wind developers and IPPs. Competes with GF for utility-scale project opportunities and corporate PPA customers in Japan.
• Eurus Energy Holdings Corporation: Japan-focused wind energy developer and IPP with onshore and offshore wind assets. A direct comparable to GF's wind business and to GF's overall IPP operating model.

Broad incumbents

• Kyocera Corporation: Major Japanese solar panel manufacturer that is also a large IPP and a JV partner in GF's flagship Kanoya Osaki Solar Hills. A broader incumbent operating across the solar value chain — manufacturing, EPC, and IPP ownership.

Market position

Strengths4 records

Weaknesses4 records

Competitive moat5 records

Key risks6 records

Key highlights6 records

Customer concentration

Revenue estimate

Valuation estimate

Number of profiles

Profiles9 records

Subsidiaries9 records

Funding overview

Funding rounds

Investors

Funding detail is available on the Subscription and Enterprise plan.Contact sales →

M&A

Investments

M&A and investment is available on the Subscription and Enterprise plan.Contact sales →

Frequently asked questions about GF Corp