ELECTROROUTE SIGNS LANDMARK SOLAR BALANCING DEAL IN JAPAN
Solar Balancing Agreement is one of first in Japanese Market
23rd September 2021: ElectroRoute the leading Irish energy trading and services firm has today announced its first major contract in its expansion into the giant Japanese energy market with a milestone corporate Power Purchase Agreement (PPA) between its sister company MC Retail Energy and a corporate buyer.
ElectroRoute’s IT systems and expertise will hedge the balancing cost for MCRE and ensure the viability of the project. ElectroRoute today predicted that this would be the first of several agreements as Japan races to meet challenging 2030 and 2050 renewable energy targets.
Commenting on the deal ElectroRoute CEO and Co-Founder Ronan Doherty said, “Japan is the world’s third largest economy and has a particularly interesting energy market in that it deregulated significantly later than Europe. All told the demand is 34 times that of Ireland for example, and Japan is investing heavily in renewables which requires international expertise like that which we have deployed over the last decade to enable it reach highly ambitious climate commitments. We were delighted to support MCRE on this landmark corporate PPA.”
ElectroRoute signalled its intent in the Japanese market in late 2020 with Founding Director Eamonn O’Donoghue relocating to Tokyo. The company will leverage its ElectroRoute CORE IT platform based in Dublin, which uses deterministic and machine learning forecasts for solar sites to manage the balancing risk for the portfolio in the Japanese power market. The portfolio will be managed by ElectroRoute’s 24/7 trading team which also currently manages the trading and balancing for 600MW of wind assets in the Irish market. ElectroRoute currently provides trading services for a total of 1.4GW of energy assets.
Head of Japan Power Trading & Marketing and Director of Trading Eamonn O’Donoghue said the country had seen phenomenal change over the last decade due to ongoing deregulation and the challenges posed by the Fukushima nuclear disaster in 2011. “The country is already a world leader in solar infrastructure but this is the first time corporates are properly investing as the race is on to maximise all available renewable opportunities. We are anticipating a significant expansion of solar corporate investment as well as wind and our bespoke offering is exactly what our client base is telling us they require”.
Eamonn O’Donoghue, Head of Japan Power Trading & Marketing and Director of Trading – e-mail: firstname.lastname@example.org
Caoimhe Giblin, Commercial Director at ElectroRoute – e-mail: email@example.com
Aidan Power, Japan Business Associate at ElectroRoute – Tel: +353 1 556 3097 / e-mail: