What RENOVA Japan does

RENOVA, Inc. (株式会社レノバ, ticker: 9519) is a Tokyo-headquartered, TSE Prime-listed renewable energy independent power producer founded in 2000. The company develops, owns, and operates a diversified portfolio of utility-scale power generation and storage assets spanning five technology types: solar photovoltaic (13+ domestic sites), biomass (7 domestic plants), wind (2 domestic plus 144MW onshore in Vietnam via the Quang Tri project), geothermal (Minami-Aso Yunotani, operational March 2023), and battery energy storage systems led by the 90MW/270MWh Kikugawa BESS project. Its Medium-Term Plan 2030 targets 900MW of cumulative renewable and storage capacity, of which 352MW storage is already committed as of March 2026. Proprietary technical differentiators include in-house BESS market operations for autonomous participation in Japan's supply-demand adjustment and long-term capacity markets, and a 3D scanning LIDAR methodology for wind resource assessment co-developed with the University of Tokyo.

RENOVA monetizes its generation and storage assets through three primary streams: (1) long-dated regulated electricity sales under Japan's Feed-in Tariff (FIT) and Feed-in Premium (FIP) schemes with 15-20 year contract tenors; (2) corporate Power Purchase Agreements (PPAs) — including virtual PPA structures — with large Japanese enterprises, notably multiple TSE Prime-listed companies (named examples include Otsuka Corporation and Evergreen Marketing Corporation); and (3) merchant revenue from BESS assets participating in Japan's supply-demand adjustment market and Long-Term Decarbonization Power Auction capacity allocations. The go-to-market motion is sales-led, combining dedicated enterprise sales teams for corporate PPAs with regulated off-take arrangements for grid-connected generation. Capital is sourced via a mix of project finance (e.g., JPY 6 billion facility from SBI Shinsei Bank for Kikugawa), strategic equity from partners including Tokyo Gas (April 2024) and Sumitomo Forestry (May 2016), and earlier-stage capital from investors such as J-STAR, DBJ Capital, and Suzuyo Shoji.

The company serves two principal customer segments: large Japanese enterprises seeking renewable energy procurement to meet decarbonization and ESG commitments (primary segment), and government/public-sector counterparties for offshore wind tendering, biomass development, and grid-level procurement (secondary). Geographic footprint centers on Japan — with regional offices across Sendai, Akita, Tokushima, Kumamoto, Fukuoka, and Kanto — and extends internationally to Vietnam (operating wind project and PTSC offshore wind MOU) and the United States (Pathway Power Holdings investment, January 2024). As of FY2024, RENOVA reported cumulative CO2 emissions reduction of 4 million tonnes, and in 2026 the Abukuma Wind Farm received the New Energy Grand Prize (Agency for Natural Resources and Energy Minister's Award).

Name

RENOVA Japan

Legal name

株式会社レノバ

Website

https://renovainc.com

Company type

Public

Founded year

2000

Operating status

Operating

Headcount range

251–500 employees

Short description

RENOVA, Inc. is a Tokyo-based, TSE Prime-listed renewable energy independent power producer that develops and operates solar, wind, biomass, geothermal, and battery storage assets across Japan and Vietnam, selling electricity under long-term FIT contracts and corporate PPAs to large enterprises.

Ownership category

akta.pro rank

Product category

Renewable Energy Generation

NAICS

Electric Power Generation (22111), Electric Power Generation, Transmission and Distribution (2211), Solar Electric Power Generation (221114), Wind Electric Power Generation (221115)

SIC

Electric Services (4911)

akta.pro primary industry

Renewable Energy Infrastructure (FSAAAKAG)

akta.pro secondary industries

Electrical Systems O&M (Substations, Transformers, Switchgear, Protection & Controls) (EUAMAGAH), Hybrid Renewable Systems & Co-Optimization R&D (Solar+Wind+Storage, Multi-Resource Plants, Controls) (EUAMAOAI)

Keywords

• Renewable energy generation
• Battery energy storage
• Corporate PPA
• Biomass power generation
• Wind power generation

Headquarters

HQ city

Tokyo

HQ country

Japan

HQ region

Asia

Offices8 records

Markets served

GTM type

B2B

Offering type

Services

Cost components

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

Revenue model

1. Electricity Sales (FIT/Feed-in Tariff): RENOVA generates recurring revenue by selling electricity produced from its renewable energy power plants (solar, wind, biomass, geothermal) under long-term fixed-price Feed-in Tariff (FIT) contracts with grid operators, providing stable, predictable cash flows.
2. Battery Energy Storage Market Participation: Revenue from grid-scale battery storage facilities participating in Japan's supply-demand adjustment market and long-term capacity market auctions, operating independently of government subsidies.
3. Corporate PPA (Power Purchase Agreement): Non-FIT electricity sales to corporate customers through direct PPA contracts, enabling large enterprises to procure renewable energy for decarbonization purposes. RENOVA has multiple TSE Prime-listed enterprise customers.

Pricing tiers

Go-to-market motion3 records

Distribution channels3 records

Marketing channels6 records

Core offering

RENOVA develops, owns, and operates renewable energy power generation facilities across Japan, spanning solar photovoltaic, wind, biomass, geothermal, and battery energy storage system (BESS) assets. The company sells electricity to grid operators under Japan's Feed-in Tariff (FIT) and Feed-in Premium (FIP) schemes, and supplies renewable energy directly to corporate customers through Corporate Power Purchase Agreements (PPA) for their decarbonization needs.

Product overview

RENOVA Japan is a renewable energy generation company operating multiple power generation facilities across Japan and internationally. The company offers a diversified portfolio of clean energy products including solar photovoltaic (13+ domestic sites), biomass (7 domestic plants), wind (2 domestic + 1 overseas in Vietnam), and geothermal power generation (1 facility), as well as battery energy storage systems (BESS). The company's storage battery business, including its Kikugawa BESS project, represents a growing focus area targeting 900MW cumulative capacity by 2030. RENOVA also provides Corporate PPA services for decarbonization solutions targeting major Japanese corporations.

Differentiator

Problem solved

Functional benefit

Products and services

• Solar Power Generation (太陽光発電) Solar photovoltaic power generation facilities deployed at 13 domestic sites in Japan, plus aggregated medium- and small-scale distributed installations. Electricity is sold under FIT contracts and through corporate PPA arrangements.
• Biomass Power Generation (バイオマス発電) Biomass power generation using wood chips and other organic fuels across 7 domestic plants including Akita, Sendai, Kanda, Ishinomaki, Tokushima, Karatsu, and Omaezaki facilities.
• Wind Power Generation (風力発電) Wind power generation covering 2 domestic onshore wind farms and 1 overseas project (the 144MW Quang Tri onshore wind farm in Vietnam). Includes development of additional offshore wind projects in Japan.
• Geothermal Power Generation (地熱発電) Geothermal power generation including the Minami-Aso Yunotani geothermal plant in Kumamoto Prefecture. Additional geothermal resource investigations underway in Hakodate Esan, Hokkaido.
• Battery Energy Storage System (BESS) Business (蓄電事業) Grid-scale battery energy storage system operations including the Kikugawa BESS project (90MW/270MWh) and Tagawa BESS, with a target of 900MW cumulative storage capacity by 2030. Storage facilities participate in Japan's supply-demand adjustment market and long-term capacity market auctions.
• Corporate PPA (コーポレートPPA) Corporate Power Purchase Agreement services providing non-FIT renewable electricity directly to TSE Prime-listed enterprises and large corporations, including virtual PPA arrangements, supporting their decarbonization and Scope 2 emissions reduction targets. Customers include Otsuka Corporation and Evergreen Marketing Corporation.
• Quang Tri Onshore Wind Power Project (ベトナム クアンチ陸上風力) 144MW onshore wind project in Quang Tri Province, Vietnam (48MW x 3 turbines), co-developed with PC1 Group (60%) with RENOVA holding 40% stake through Lien Lap, Phong Huy, and Phong Nguyen Wind Power Joint Stock Companies. Represents RENOVA's first major international renewable energy project.

Quantifiable outcome

• 4 million tonnes of cumulative CO2 emissions reduction achieved by end of FY2024
• +2 more outcomes

Named customers3 records

Segments2 records

Ideal customer profiles3 records

Technology focussed No

API detail

Has API

No

API docs

API detail

Core technology

AI maturity

App detail

Feature2 records

Partnerships

Eight partnerships are on record, tiered core, major, notable, strategic and research.

• PC1 Group Joint Stock CompanycoreStrategic or Co-development PartnerPC1 Group (60% stake) and RENOVA (40% stake) co-developed the 144MW Quang Tri Onshore Wind Power Project in Vietnam, with three joint stock companies (Lien Lap, Phong Huy, Phong Nguyen) as the operating entities. This represents RENOVA's flagship international wind power investment.
• Tokyo Gas Co., Ltd.majorStrategic or Co-development PartnerCapital and business partnership (資本業務提携) established in April 2024, involving third-party allocation of new shares and resulting in a major shareholder change. Tokyo Gas became a key strategic partner supporting RENOVA's growth.
• Sumitomo Forestry Co., Ltd.majorStrategic or Co-development PartnerSumitomo Forestry participated in RENOVA's capital increase and entered a business collaboration agreement in May 2016, with the goal of jointly becoming a leading renewable energy company by leveraging combined expertise.
• Otsuka CorporationnotableChannel Partner/ Reseller/ DistributorOtsuka Corporation entered a virtual PPA agreement with RENOVA for non-FIT solar power procurement, demonstrating corporate PPA sales to large enterprise customers.
• Evergreen Marketing CorporationnotableChannel Partner/ Reseller/ DistributorEvergreen Marketing Corporation entered a PPA agreement with RENOVA for non-FIT solar power, sourcing renewable energy for corporate decarbonization needs.
• PTSC (PetroVietnam Transportation Corporation)strategicStrategic or Co-development PartnerRENOVA and PTSC signed a Memorandum of Understanding in April 2022 for cooperation on offshore wind power generation projects in Vietnam, exploring joint development opportunities.
• Mitsubishi Materials CorporationnotableStrategic or Co-development PartnerMitsubishi Materials joined RENOVA's geothermal resource investigation project in the Hakodate Esan region of Hokkaido in June 2022, contributing technical expertise to the development.
• University of Tokyo (Professor Ishihara)researchStrategic or Co-development PartnerJoint research collaboration with Professor Ishihara of the University of Tokyo on '3D Scanning LIDAR for Offshore Wind Condition Observation and Application to Site Condition Evaluation,' advancing RENOVA's wind resource assessment capabilities.

Scale indicators7 records

Recent moves6 records

Expansion highlights6 records

Broad incumbents

• JERA Co., Inc. JERA is Japan's largest power generator formed by TEPCO and Chubu Electric; while primarily a thermal generator, it is rapidly expanding into offshore wind and renewables, competing with RENOVA in capacity auctions and large-scale project development.
• Marubeni Corporation (Power Division): Marubeni is a major Japanese trading house with a large global renewable energy IPP portfolio, directly competing with RENOVA in offshore wind tenders, biomass projects, and grid-scale battery development.
• EDP Renováveis (EDPR): EDPR is one of the world's largest wind and solar developers with growing BESS exposure, providing a global comparable for RENOVA's utility-scale wind, solar, and storage development strategy.

Others

• Tokyo Gas Co., Ltd. Tokyo Gas is both a strategic shareholder and a customer for RENOVA's corporate PPA business; as a major gas utility pivoting to renewables, it represents both partnership and competitive overlap.

Emerging players

• Infigen Energy (now Iberdrola Australia): Iberdrola, through its acquisition of Infigen, has built an Australian/APAC renewable generation and BESS platform, comparable to RENOVA's IPP-plus-storage model as it expands in the region.

Direct peers

• Eurus Energy Holdings: Eurus Energy is one of Japan's largest IPPs focused on wind and solar power generation, directly comparable to RENOVA's renewable IPP/developer model with overlapping technology and customer profile.
• Renewable Japan Co., Ltd. Renewable Japan develops, finances, and operates solar, wind, and biomass power plants in Japan, directly comparable to RENOVA's diversified renewable generation business and FIT/CIT revenue model.
• GreenPower Development Co. GreenPower is a Japanese independent renewable power producer with a multi-technology portfolio similar to RENOVA, providing comparable revenue mix and project development profile.
• Japan Renewable Energy (JPRE): Japan Renewable Energy is a Japanese solar and wind power developer and operator, a direct competitor in utility-scale renewable project development and grid-connected generation.
• SB Energy (SoftBank Group): SB Energy is a major Japanese renewable energy developer and operator under SoftBank, developing solar, wind, and battery storage projects; competes head-to-head with RENOVA for project sites, corporate PPAs, and capacity-market revenue.

Market position

Strengths5 records

Weaknesses5 records

Competitive moat5 records

Key risks6 records

Key highlights7 records

Customer concentration

• YouTubeyoutube.com/channel/UCRP742KBrU-TsL_AXUpy3Kg
• LinkedInlinkedin.com/company/renovainc

Compliance1 record

Revenue estimate

Valuation estimate

Number of profiles

Profiles2 records

Subsidiaries4 records

Funding overview

Funding rounds5 records

Investors6 records

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

M&A

Investments1 record

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

Frequently asked questions about RENOVA Japan