Tokyo Infrastructure Energy Investment Corporation

What Tokyo Infrastructure Energy Investment Corporation does

Tokyo Infrastructure Energy Investment Corporation (TSE: 9285) is a Japanese listed infrastructure investment corporation, privately established on October 10, 2017 and IPO'd on the Tokyo Stock Exchange Infrastructure Fund Market on September 26, 2018. The fund invests exclusively in renewable energy power generation equipment, with a primary focus on solar photovoltaic (PV) facilities. As of December 31, 2025, the portfolio comprises 23 solar power generation properties across Japan with total panel output of 69,845 kW and total acquisition price of ¥29,153 million. The fund is sponsored by ADVANTEC Co., Ltd. and its subsidiary Cool Trust Co., Ltd., with asset management delegated to Tokyo Infrastructure Asset Management Co., Ltd.

The fund operates through a layered structure designed for downside protection: a bankruptcy-isolated tenant Special Purpose Company (Tokyo Infrastructure Power Godo Kaisha) leases each solar facility from the fund and pays minimum guaranteed rent equal to P90 forecast generation multiplied by the feed-in tariff (FIT) price, minus operating expenses and taxes, plus performance-linked rent when actual generation exceeds P90. Insurance coverage from Aioi Nissay Dowa Insurance — a first in the listed infrastructure fund market — guarantees the minimum rent even when solar irradiance falls below P90 levels. Trust beneficiary rights enable flexible acquisition, transfer, and partial sale of renewable energy business rights that would be difficult to achieve with physical property alone. ADVANTEC contributes in-house capabilities in land assessment (drone/GPS terrain mapping, 3D shadow analysis), optimal panel layout (3D simulation), and precision construction (GPS pile positioning), with priority negotiation rights for all sponsor-developed projects.

The revenue model is subscription-style recurring rental income from the tenant SPC, paid semiannually to unitholders as distributions. Operating revenue for the 16th period (July-December 2025) was ¥1,272 million. Total assets stood at ¥26,662 million and net assets at ¥14,608 million (54.8% equity ratio), with ¥14,054 million of debt outstanding across 16 regional and national bank tranches and LTV maintained at approximately 45% against a 60% policy maximum. The 16th period distribution was ¥1,800 per unit (¥1,629 profit distribution plus ¥171 return of capital), with 179,256 investment units outstanding and total issued capital of ¥14,021 million. Forecasts for the 17th and 18th periods call for distributions of ¥1,655 and ¥1,623 per unit respectively, reflecting the ongoing return-of-capital mechanic. The company carries a JCR long-term issuer credit rating of A- (stable) and Green Finance Framework evaluation of Green 1 (F).

Name

Tokyo Infrastructure Energy Investment Corporation

Legal name

Tokyo Infrastructure Energy Investment Corporation (東京インフラ・エネルギー投資法人)

Website

https://tokyo-infra.com

Company type

Public

Founded year

2017

Operating status

Operating

Headcount range

251–500 employees

Short description

Tokyo Infrastructure Energy Investment Corporation (TSE: 9285) is a Japanese listed infrastructure investment corporation that owns and operates 23 solar photovoltaic power generation facilities across Japan totaling 69,845 kW, generating stable rental income under government-fixed feed-in tariff contracts for distribution to unitholders.

Ownership category

akta.pro rank

Product category

Renewable Energy Infrastructure Investment Fund

NAICS

Solar Electric Power Generation (221114), Wind Electric Power Generation (221115), Hydroelectric Power Generation (221111), Biomass Electric Power Generation (221117), Geothermal Electric Power Generation (221116), Electric Power Generation (22111)

SIC

Electric Services (4911), Electric, Gas & Sanitary Services (4900)

akta.pro primary industry

Renewable Energy Infrastructure (FSAAAKAG)

akta.pro secondary industries

Real Assets — Energy & Power Infrastructure (Renewables, Conventional, Storage) (FSAHAIAD), Energy & Power Infrastructure Funds (Generation, Transmission, Storage) (FSANAEAB), Asset Management & Owner’s Engineering (Lifecycle Strategy, Budgeting, Technical Due Diligence) (EUAMAGAJ)

Keywords

• Infrastructure fund
• Renewable energy investment
• Solar power assets
• Feed-in tariff
• Listed investment corporation

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices1 record

Markets served

GTM type

B2B

Offering type

Services

Cost components

Operations, Infrastructure, Others, Personnel, Marketing or Sales

Revenue model

1. Rental Income from Renewable Energy Power Generation Facilities: Primary revenue stream: minimum guaranteed rent (最低保証賃料) plus performance-linked rent (実績連動賃料) from tenant SPC Tokyo Infrastructure Power Godo Kaisha. Minimum rent is calculated as the P90 forecast generation multiplied by feed-in tariff (FIT) price, minus tenant SPC expenses and taxes. Performance rent is triggered when actual generation exceeds P90 forecast. Revenue is substantially insulated from generation variability through insurance-backed minimum guarantee.
2. 利益超過分配 (Return of Capital Distributions): The fund regularly returns capital to investors through distributions exceeding accounting profit, sourced from depreciation reserves. These distributions reduce the investment principal (sourced from paid-in capital) rather than taxable income.

Pricing tiers

Go-to-market motion1 record

Distribution channels1 record

Marketing channels4 records

Core offering

Tokyo Infrastructure Energy Investment Corporation is a Japanese listed infrastructure investment corporation that invests in renewable energy power generation equipment, primarily solar photovoltaic plants, under Japan's Feed-in Tariff (FIT) scheme. It owns 23 solar power facilities across Japan with combined panel output of 69,845 kW and a total acquisition price of ¥29,153 million as of December 31, 2025. Investors acquire tradable investment units on the Tokyo Stock Exchange (ticker 9285) and receive semi-annual distributions funded by minimum guaranteed rent and performance-linked rent from the tenant SPC operating the generation assets.

Product overview

Tokyo Infrastructure Energy Investment Corporation is a Japanese infrastructure investment fund (J-REIT) that primarily invests in renewable energy power generation equipment, with a focus on solar power plants. The core product is its renewable energy generation asset portfolio, consisting of 23 solar power plants totaling 69,845 kW in panel output. The fund operates under Japan's fixed price feed-in tariff (FIT) system, generating stable rental income through minimum guaranteed rent and performance-linked rent structures. While the near-term focus is on solar (targeting 80%+ of portfolio), the fund may also invest in wind, biomass, hydroelectric, and geothermal power generation assets (up to 20% allocation). The portfolio is managed by Tokyo Infra Asset Management, with development and operational support from the Advantec Group.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar PV Power Generation Asset Portfolio (23 facilities) Solar PV power generation assets and related infrastructure operated under Japan's Feed-in Tariff (FIT) scheme with 15-20 year revenue contracts at ¥21-40/kWh. Portfolio as of December 31, 2025: 23 properties, 69,845 kW total panel output, ¥29,153 million total acquisition price. Investors in the fund gain exposure to stable, long-term cash flows from these generation assets via tradable investment units.
• Wind, Biomass, Hydroelectric, and Geothermal Power Generation Assets Other renewable energy power generation equipment targeted for portfolio diversification, including wind power, biomass, hydroelectric, and geothermal (binary cycle) generation assets. The fund may invest up to 20% of portfolio in these non-solar renewable energy categories, beyond the primary solar PV focus.
• Investment Units (Tokyo Stock Exchange Infrastructure Fund Market, Ticker 9285) Tradable investment units of the listed infrastructure investment corporation, offering investors semi-annual distributions and access to stable, long-term cash flows generated by the renewable energy generation portfolio. 179,256 units outstanding; recent distribution: ¥1,800 per unit (16th period, December 2025).

Quantifiable outcome

• ¥1,800/unit total distribution (16th period, 2025 Dec)
• +5 more outcomes

Segments1 record

Ideal customer profiles1 record

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature4 records

Partnerships

Seven partnerships are on record, tiered core and support.

• ADVANTEC Co., Ltd. (株式会社アドバンテック)coreStrategic or Co-development PartnerMain sponsor (メインスポンサー) of the fund. Established 1995-05, Tokyo HQ and Ehime office. Develops and operates solar PV facilities with accumulated expertise in land assessment (drone/GPS terrain mapping, 3D CAD shadow analysis), optimal design (3D simulation, module layout), and precision construction (GPS pile positioning). Provides the fund with acquisition pipeline and operational know-how. Currently operates ~18 domestic solar projects (~104MW). The fund holds priority negotiation rights for all sponsor projects.
• Cool Trust Co., Ltd. (株式会社クールトラスト)coreStrategic or Co-development Partner100% subsidiary of ADVANTEC. Serves as operator and O&M provider for several fund properties (e.g., TI龍ヶ崎). Provides operations and maintenance for solar PV facilities in the portfolio.
• Tokyo Infrastructure Holdings Co., Ltd. (東京インフラホールディングス株式会社)coreStrategic or Co-development PartnerListed as a sponsor company on the fund's website. Part of the Tokyo Infrastructure group of companies supporting the fund.
• Aioi Nissay Dowa Insurance Co., Ltd. (あいおいニッセイ同和損害保険株式会社)coreStrategic or Co-development PartnerInsurance partner providing the cost/profit insurance (費用・利益保険/日射量保険) to the tenant SPC (Tokyo Infrastructure Power Godo Kaisha). This is the first such insurance structure in the listed infrastructure fund market. The insurance covers shortfalls in electricity sales revenue vs. minimum guaranteed rent when solar irradiance is below P90 levels.
• JFE Technoス Co., Ltd. (JFEテクノス株式会社)supportImplementation/ SI/ Consulting PartnerListed as a support company providing operational and technical support for the fund's renewable energy assets. One of the support partners in the fund's ecosystem.
• Mitsubishi HC Capital Energy Co., Ltd. (三菱ＨＣキャピタルエナジー株式会社)supportImplementation/ SI/ Consulting PartnerListed as a support company providing energy-related operational support to the fund. Part of the Mitsubishi HC Capital group, contributing expertise in energy finance and operations.
• NEC Networks Co., Ltd. (NECネッツエスアイ株式会社)supportTechnology or IntegrationListed as a support company providing technology and networking support for renewable energy operations. Contributes ICT infrastructure expertise to the fund's asset operations.

Scale indicators11 records

Recent moves6 records

Expansion highlights4 records

Broad incumbents

• Hannon Armstrong Sustainable Infrastructure Capital: US-listed (HASI) capital provider focused on climate solutions including renewable energy projects. Comparable as a publicly traded vehicle funding the energy transition with stable, contracted returns, though operating more as a financier than a direct asset-owning fund.
• Greencoat UK Wind plc: UK-listed infrastructure fund (INFR.L) investing in UK wind farms with stable, inflation-linked cash distributions. Comparable in listed-fund structure and yield-focused investment thesis, though asset class is wind and geography is UK rather than Japan solar.
• Clearway Energy, Inc. US-listed yieldco (CWEN) with a portfolio of renewable and conventional contracted generation. Comparable fund/vehicle structure distributing cash from long-term contracted power assets, though with US/European asset mix and corporate-PPA rather than FIT exposure.
• Brookfield Renewable Partners L.P. Globally listed yieldco (BEPC/NYSE) owning and operating renewable power assets (solar, wind, storage, hydro). Comparable in business model — long-duration renewable cash flows distributed to unit/share holders — but at vastly larger scale and with global geographic diversification.
• NextEra Energy Partners, LP: US-listed yieldco (NEP) focused on contracted renewable energy assets with long-term PPAs — analogous economic model (stable contracted cash flows, distribution growth) but backed by NextEra Energy's development pipeline rather than Japan's FIT regime.
• Atlantica Sustainable Infrastructure plc: Sustainable infrastructure company (AY/Nasdaq) owning renewable energy, transmission, and water assets under long-term contracts. Comparable as a yield-oriented, contract-cash-flow infrastructure vehicle with diversified renewable exposure.

Direct peers

• RENOVA, Inc. Japanese renewable energy developer and IPP (9519.T) with solar, wind, biomass, and geothermal projects. Comparable as an operating renewable energy platform exposed to the same FIT economics, though vertically integrated rather than a fund.
• Ichigo Green Infrastructure Investment Corporation: Japanese listed infrastructure fund investing in renewable energy (solar, wind, biomass) assets under Japan's FIT scheme. Comparable in vehicle structure, target assets, and unitholder yield-focused strategy.
• Canadian Solar Infrastructure Fund, Inc. Japan-listed infrastructure fund (Tokyo Stock Exchange 9284) investing in Japanese solar PV power plants under the FIT regime. Most direct comparable in structure, asset class, regulatory regime, and listed-fund mechanics.
• Infrastructure Investments Corporation: Closely adjacent Japanese infrastructure-type investment vehicle for institutional investors targeting J-REIT-style cash-yielding assets. Comparable as a Japan-domiciled, yield-oriented listed fund competing for similar investor mandates.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks7 records

Key highlights7 records

Customer concentration

Compliance2 records

Revenue estimate

Valuation estimate

Number of profiles

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 Tokyo Infrastructure Energy Investment Corporation