LY Corporation has signed its first virtual power purchase agreement with Vena Energy for the Maniwa Solar Project, committing to purchase 85 GWh annually for 20 years to significantly reduce carbon emissions.

Target Information

LY Corporation (LYC) has signed its inaugural virtual power purchase agreement (VPPA) with Vena Energy for the Maniwa Solar Project, which is recognized as Japan's largest single-unit solar project tailored for VPPAs. Under this agreement, LYC will acquire the environmental value of 85 GWh annually for a duration of 20 years, thereby facilitating a significant reduction in carbon dioxide (CO2) emissions by approximately 740,000 tons over this period. The Maniwa Solar Project, located in Maniwa City, Okayama Prefecture, is scheduled for completion in August 2026.

As part of its sustainability commitments, LYC aims to promote renewable energy usage and align with global initiatives such as RE100, which advocates for companies to source 100% of their electricity from renewable resources. This VPPA will enable LYC to assert a substantial portion of its electricity consumption as derived from renewable sources, ultimately contributing to their target of achieving net-zero greenhouse gas emissions by 2030.

Industry Overview in Japan

The renewable energy sector in Japan has seen substantial growth, particularly in response to global climate initiatives and Japan's energy transition following the Fukushima Daiichi nuclear disaster. Increasing investments in solar