Clean Energy Connect secures ¥19.5B project finance from SBI Shinsei Bank for 1,600-site solar PPA rollout

What's the deal? Clean Energy Connect (CEC), a Japanese decarbonisation solutions provider, has secured ¥19.5B (roughly $130M) in project finance from SBI Shinsei BankDealroom has a profile for this one. Try Dealroom →. The funds will develop approximately 1,600 small-scale solar power sites with a combined capacity of around 140MW-DC, all built under offsite corporate power purchase agreements (PPAs).

The deal brings CEC's cumulative fundraising to ¥80.6B. Once fully operational, the new sites are expected to generate 146 million kWh per year and cut CO2 emissions by an estimated 61,556 tonnes annually.

Why now? Japan's corporate appetite for green power is surging as companies race toward RE100 and net-zero targets. CEC already operates about 2,700 small solar installations nationwide, built primarily on abandoned farmland — a model that sidesteps the land-use bottlenecks that slow larger projects.

Its client list includes Dai-ichi Life InsuranceDealroom has a profile for this one. Try Dealroom →, NTT Group, TokyuDealroom has a profile for this one. Try Dealroom →, Nomura Real Estate, Fujifilm, Amazon, and Google — all pushing to decarbonise their operations on tight timelines.

What could go wrong? Distributing generation across 1,600 tiny sites adds operational complexity. Each location needs grid connection, maintenance, and monitoring — tasks that scale less efficiently than a single large plant. Construction delays at even a fraction of those sites could dent projected output.

CEC also relies on non-FIT (feed-in tariff) structures, meaning revenue depends entirely on corporate PPA pricing rather than government-guaranteed rates. If corporate demand softens or electricity prices shift, margins could tighten.

The signal: With cumulative fundraising now at ¥80.6B and a client roster that spans from Dai-ichi Life to Google, CEC's trajectory suggests Japan's corporate PPA market is maturing fast enough to support project finance at scale — without relying on government feed-in tariffs. Dealroom classifies CEC as a "breakout" company, a stage that aligns with its rapid expansion from 2,700 existing sites to a pipeline of 1,600 more, all underpinned by a single corporate lender in SBI Shinsei Bank acting in its capacity as a project finance provider rather than a venture backer.

Read more: PR TIMES