Tokyo Century and Kyuden International Acquire 20 MW Solar Project in Pennsylvania to Expand US Renewable Energy Portfolio

Tokyo Century Corporation has entered into an agreement with Kyuden International Corporation (KIC) to jointly acquire full ownership of a solar power project developed by Oriden LLC in the United States, marking a further expansion of Tokyo Century’s renewable energy portfolio in North America.

Under the agreement, Tokyo Century and KIC will acquire a 100% interest in the project, with Tokyo Century holding a 50% equity stake. Oriden, the project developer, operates under the Mitsubishi Heavy Industries (MHI) Group and is a US-based renewable energy company. The investment follows Tokyo Century’s earlier moves in June 2024, when it invested in a US renewable energy fund and acquired development rights for solar power plants in the country.

The project involves the construction of a solar power plant with an installed capacity of approximately 20 MW in Pennsylvania. Commercial operations are scheduled to begin in October 2026. Once operational, the plant will be jointly operated by Tokyo Century and KIC.

Tokyo Century expects the project to generate long-term and stable revenue, supported by a 20-year power purchase agreement (PPA) signed with the Philadelphia Energy Authority for the plant’s entire output. The company also plans to improve project profitability by leveraging tax incentives available under the US Inflation Reduction Act.

The companies said the investment aligns with expectations of sustained growth in electricity demand in the United States, driven by factors such as increased use of artificial intelligence and the rapid expansion of data centres. Average annual electricity demand growth in the US is forecast at 3.4% through 2040, positioning renewable energy as a key solution to meet future demand.

KIC, a wholly owned subsidiary of Kyushu Electric Power Company, has an established track record in overseas power generation projects. Following this transaction, KIC’s total equity ownership capacity across its global portfolio will reach approximately 2.79 GW. Oriden, headquartered in Pennsylvania, develops, finances, constructs, owns and operates renewable energy projects across the US.

Tokyo Century said the partnership with KIC and the MHI Group represents an important milestone in strengthening its renewable energy business in North America. The companies will continue discussions on potential future collaborations.

The expansion of overseas solar and wind power generation, particularly in North America and Europe, is a core element of Tokyo Century’s Medium-Term Management Plan 2027. The company said it aims to support the global energy transition through strategic partnerships, combining financial capabilities and operational expertise to contribute to a more sustainable energy system.