Conclusion of a Long-Term Fixed-Price Virtual PPA with DREAM Private REIT Inc. and Japan Benex Corporation

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February 20, 2024 PRESS RELEASE


Conclusion of a Long-Term Fixed-Price Virtual PPA with DREAM Private REIT Inc. and Japan Benex Corporation


ElectroRoute Japan K.K. (ERJ) has concluded a long-term fixed-price virtual PPA with DREAM Private REIT Inc. (DPR) and Japan Benex Corporation (BNX).

Utilizing the roof of the warehouse owned by DPR, ERJ will offtake electricity and environmental value from the rooftop FIP solar power plant constructed and owned by BNX, and will supply DPR with environmental value at a fixed price for 20 years through the virtual PPA.

Traditionally, the CfD (*) has been common for the virtual PPA of renewable energy, but there have been challenges for consumers in that the price of environmental value fluctuates, requiring market valuation, and the risk of market price fluctuations makes it difficult to predict costs. Additionally, power generators also have difficulties around fluctuating cashflows due to the FIP mechanism.

In this project, by having ERJ as an intermediary between the power generator and the consumer, a virtual PPA was established to fix the environmental value price for the consumer and fix the cash flow for the power generator.

Without the virtual PPA enabled by ERJ, a smaller number of solar panels would be installed to meet the on-site demand only. Through this virtual PPA, ERJ is enabling the installation of further solar panels to produce power that will be exported to the grid and thus contributes to the expansion of the amount of renewable energy installed. ERJ will continue to develop and provide services tailored to the needs of customers who want to use renewable energy.

(*) CfD: This type of settlement is based on the difference between the fixed price (electricity + environmental price) agreed upon in advance between the buyer and the seller and the market sale price (electricity).



ElectroRoute Japan K.K.:

・Address: Marunouchi 3-2, -2, Chiyoda-ku, Tokyo, 2nd Floor, Marunouchi Nijubashi Building

・Business Profile: Utilizing own IT platform and market to provide renewable energy-related services. Aiming to promote green transformation in Japan by leveraging the know-how acquired through its European business to realize a carbon-neutral society.

・CEO: Eamonn O’Donoghue

ElectroRoute Japan – (


Diamond Realty Management Inc.

・Head Office: 2- 16 -1 Hirakawa-cho, Chiyoda-ku, Tokyo

・Business Profile: Manages private real estate funds, private REITs and mezzanine dead funds in Japan and the US. With a policy of sustainability management, the company meets the needs of stakeholders one step ahead as a pioneer in real estate management and contributes to the preservation of the global environment and the sustainable development of the economy and society.

・Executive Officer: Hisashi Ishiwata

Diamond Realty Management Inc. (


DREAM Private REIT Inc.:

・Head Office: 2- 16 -1 Hirakawa-cho, Chiyoda-ku, Tokyo

・Business Profile: One of the largest private REITs in Japan with a core portfolio of logistics and retail facilities. It has strengthened its sustainability initiatives and aims to increase long-term asset value with a decarbonisation target of “reducing GHG emissions intensity by 30% by 2030 compared to 2016 and achieving net zero emissions by 2050”.

・Executive Officer: Hisashi Ishiwata

DREAM Private REIT Investment Corporation (


Japan Benex Corporation:

・Head Office: 99-48 Tsukuba-cho, Isahaya City, Nagasaki Prefecture

・Business Profile: Since its establishment, the company has entered the renewable energy business since 2012, based on its 65 years of experience in precision sheet metal fabrication. The company owns approximately 53 MW of its own solar power plants nationwide, with a focus on roofing mega-solar, which utilizes the roofs of distribution facilities. Contributing to the realization of a decarbonized society through the construction of solar power plants.

・President: Yohei Kobayashi

Nippon Benex Corporation (


ElectroRoute Japan K.K.