Renova has sold the entire output of a power plant that does not yet generate electricity. In June 2026 it signed a 25-year corporate power purchase agreement with Tokyo Gas for its 54.6MW wind project in Kumamoto prefecture, which is under construction. The company says the deal fixes a sale price above the feed-in tariff (FIT) for all of the plant's generation.
What is and is not contracted
The interim earnings release gives no price, so the size of the premium over the FIT is unknown. The company's supplementary briefing lists the project as a fixed-price PPA and shows turbines being installed in October 2026. It gives a start of operations in the fiscal year beginning April 2027, a current plan that may change. Signing the contract has not started generation.
Tokyo Gas is also Renova's second-largest shareholder, with 13.01% of shares at 30 September 2026.
Repaired plants, not new capacity
Two plants returned to service during the half. Renova's 48.0MW solar plant in Iwate stopped on 22 April 2026 over a substation equipment fault and resumed normal operation on 1 July. The company says the outage was already built into its full-year forecast, and the earnings release attributes a ¥553mn revenue drag to it. Its Tokushima biomass plant stopped on 8 July after damage to a steam control valve and restarted on 25 July. The downtime fell within the unplanned-outage allowance set at the start of the year, so the company says forecasts are unaffected.
Genuinely new on the operating side is the 2MW Yasugi battery site, which started in April 2026.
Guidance holds
Revenue for the six months to September rose 11.3% to ¥45.2bn and operating profit rose 26.7% to ¥6.19bn. Profit attributable to owners of the parent fell 10.9% to ¥2.96bn. Renova left its full-year guidance unchanged at revenue of ¥95.7bn, operating profit of ¥11.3bn and attributable profit of ¥3.4bn.