Mitsui & Co., Ltd. has concluded a virtual power purchase agreement (VPPA) with NIKE Japan Group, LLC to supply renewable energy and environmental value from domestic solar power plants in Japan. The agreement was signed together with Mitsui’s wholly owned subsidiary, Mitsui & Co. Project Solutions, Ltd. (MPS).
Under this long-term agreement, Mitsui and MPS will provide NIKE Japan with Non-FIT Non-Fossil Certificates generated from 16 solar power plants located in the TEPCO Power Grid area. These certificates represent the environmental value of electricity produced from renewable energy sources. The total capacity covered under the VPPA is 18 MW. This includes 3 MW from new solar power projects and 15 MW from recently established solar plants.
Through this arrangement, NIKE Japan will be able to source 100 percent of the electricity used at its owned and operated facilities in Japan from renewable energy. The coverage includes distribution centers, retail stores, and offices across the country. By securing environmental value from solar power plants, NIKE Japan is taking a significant step toward reducing its carbon footprint and advancing its sustainability goals.
A virtual power purchase agreement allows companies to buy the environmental value of renewable electricity without directly receiving the physical power. Instead, the electricity is supplied to the grid, while the environmental attributes are transferred through certificates. In this case, the Non-FIT Non-Fossil Certificates are issued for electricity generated from renewable sources that are not covered under Japan’s Feed-in Tariff scheme. These certificates help companies demonstrate the use of clean energy and support the growth of renewable power generation.
The 16 solar plants involved in this agreement are located in the service area of the TEPCO Power Grid. By utilizing both new and recently built solar projects, the agreement supports additional renewable capacity while also strengthening the business case for clean energy investments.
Mitsui stated that it will continue contributing to the realization of a sustainable society by promoting the wider deployment of renewable energy. The company plans to combine its experience in electricity sales and supply-demand balancing with MPS’s expertise in power generation development and operational management. Through such collaborations, Mitsui aims to expand renewable energy solutions for corporate customers seeking to meet climate targets and transition to greener operations.
This VPPA marks another step in Japan’s growing corporate renewable energy market, where companies are increasingly adopting innovative procurement models to achieve long-term sustainability commitments.
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