Tokyo Gas America, a wholly owned subsidiary of Tokyo Gas, has acquired Hecate Energy’s Aktina solar project, a 500MWac/631MWdc solar project located in Wharton County, Texas.
Aktina is located near the high-demand Houston load center and will begin construction in Q3 2020. The generated power will be sold to the ERCOT wholesale market.
Marathon Capital acted as exclusive buy-side financial advisor to Tokyo Gas on the transaction, providing comprehensive due diligence support, offtake advisory, and project valuation.
With the acquisition of Aktina, the total renewable energy capacity Tokyo Gas owns or is under contract to acquire in Japan and globally will exceed 1,200 MWdc. Tokyo Gas is committed to achieving net zero CO2 emissions by around 2050 and growing its renewable power capacity in Japan and global markets to 5GW by 2030 as part of its “Compass 2030” vision.
“It’s been great to work with the Marathon Capital team. Their insights and guidance have been critical to our first solar project acquisition in the U.S. I greatly appreciate their in-depth knowledge of the renewables space and, moreover, their ability to understand our objectives and their passion to achieve our strategic goal together. ”Ken Kiriishi, senior vice president at Tokyo Gas America.
“It has been a privilege to work with the Tokyo Gas team on this transaction. Project Aktina is one of the largest solar projects in the U.S. and firmly establishes Tokyo Gas’ place in the U.S. renewables industry. We are pleased to be a part of this important milestone for Tokyo Gas as they continue their expansion into the U.S. market.”Matt Bigham, director at Marathon Capital.