Japan Green Investment Corp. Supports Hokkaido Electric Power with Significant Funding Decision

Funding Support for Hokkaido Electric Power by JICN

In a landmark development, the Japan Green Investment Corp. for Carbon Neutrality (JICN), led by President Yoshihiko Tanayoshi, has made a significant financial commitment to Hokkaido Electric Power Company (Hokkaido Electric), which is managed by President Shin Saito. This investment involves a loan of 20 billion yen aimed at bolstering projects that enhance electrical interconnectivity between Hokkaido and Honshu.

Overview of the Support

1. Hokkaido Electric Company Overview

- Name: Hokkaido Electric Power Company (Hokkaido Electric)
- Headquarters Location: Sapporo City, Hokkaido
- Representative: President Shin Saito
- Established: May 1, 1951
- Main Business: Electric Power Generation and Distribution

2. Details of the Support Decision by JICN

2-1. Funding Breakdown

The funding provided by JICN is specifically designed to support the following critical initiatives:

- Enhancement of Interconnection Infrastructure: The project focuses on reinforcing the existing facilities that connect Hokkaido to Honshu, effectively increasing the power transmission capacity from 300,000 kW to 600,000 kW. This expansion is crucial for meeting the demand for electricity and enabling greater integration of renewable energy sources.
- Strengthening the Local Hokkaido Power Grid: This effort aims to enhance the local system that currently has limited capacity for new renewable energy inputs. With expected future growth in renewable energy generation, this enhancement will help manage these resources more efficiently when they become available.

2-2. Significance of the Support Decision

(1) Greenhouse Gas Reduction Goals

Recognizing the critical need for energy transition, Hokkaido aims to achieve carbon neutrality by 2050. This includes a roadmap for reducing greenhouse gas emissions significantly. Specifically, Hokkaido Electric has a target of a 46% reduction by 2030 and a 60% reduction by 2035 from the 2013 baseline.
Such projects, including those supported by JICN, are integral to stabilizing the grid and enriching the ecosystem of renewable energy generation, particularly in areas with high potential for wind and solar energy outputs.

(2) Economic and Environmental Synergy

Besides environmental benefits, this project is poised to stimulate the local economy, create jobs, and enhance resilience in emergency situations. The expansion of renewable energy sources is also aligned with Japan's 7th Basic Energy Plan, emphasizing the need for stable electricity supply while driving economic growth and environmental sustainability.

As Hokkaido evolves into a hub for next-gen industries like AI and semiconductors, robust electricity generation will support ongoing technological advancements and community development. The interconnected power system increase will also enhance the region's resilience during fluctuations in supply.

JICN is committed to supporting diverse projects that contribute to decarbonization objectives, collaborating with stakeholders to foster sustainable growth. They will continue to disseminate expertise, resources, and solutions that connect innovative ideas and technologies to benefit the future sustainability of Japan’s energy landscape.

Conclusion

This critical partnership between JICN and Hokkaido Electric signifies a robust commitment to achieving carbon neutrality and promoting renewable energy throughout Japan. As these projects advance, they promise to reshape the future of energy on both Hokkaido and Honshu islands, making a remarkable step towards sustainable living and economic vitality.