Ryohin Keikaku Co. Ltd. and JERA Co. Inc. have launched a joint venture to develop renewable energy projects, initially solar.
MUJI ENERGY LLC, based in Tokyo, is owned 80 percent by Japanese retailer Ryohin Keikaku and 20 percent by Japanese utility JERA, according to a joint statement. An existing brand of goods sold by Ryohin Keikau is called MUJI.
The JV plans to develop about 13 megawatts of solar generation capacity within a year of its formation. “Equivalent to 20 percent of Ryohin Keikaku’s annual electricity consumption, this is projected to reduce carbon dioxide emissions by approximately 8,000 tons per year”, the statement said.
“Leveraging JERA’s expertise in solar power plant development and maintenance, we have formulated our own development criteria – guided by consideration for local communities, protection of aquatic environments and biodiversity – and decided to establish solar power plants only after performing on-site inspections and evaluations of all power plant candidate sites”, the statement said.
“All of the environmental value of electricity produced by MUJI ENERGY will be acquired by Ryohin Keikaku via JERA subsidiary JERA Cross Co. Inc. through a virtual power purchase agreement and utilized to reduce CO2 emissions from electricity consumption at locations such as MUJI tenant stores”.
In a separate power investment, JERA joined a consortium of 12 Japanese companies that participated in a capital raise by Commonwealth Fusion Systems LLC (CFS), a Devens, Massachusetts-based company eyeing to develop next-generation tokamak fusion reactors using high-temperature superconducting magnet technology.
CFS said August 28 it had raised $863 million in a Series B2 round, which it said was “the largest amount raised among deep tech and energy companies since CFS’ $1.8 billion Series B round in 2021”.
“In parallel, CFS is moving forward with plans to build the world’s first grid-scale fusion power plant, called ARC, in Chesterfield County, Virginia”, CFS said. “This effort to put power on the grid in the early 2030s is bolstered by strategic partnerships with Dominion Energy and Google – an investor in CFS that also agreed to buy half the power produced at the plant”.
JERA said, “The Japanese consortium will acquire technical and commercial expertise in policy, regulatory and the development, construction, operation and maintenance of ARC from CFS’s commercialization projects in the United States”.
“In addition, each consortium will bring together its know-how and expertise and aspire to expedite the commercialization and industrialization of fusion energy power generation in Japan”, JERA said.
“The collaboration between the Japanese consortium and CFS is in line with the Japan-U.S. joint partnership to accelerate the development and commercialization of fusion energy power generation in Japan and the U.S., and represents a strong commitment and growing momentum toward the early realization of commercialization in both countries”.
To contact the author, email jov.onsat@rigzone.com
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