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Member Introduction: Baseload Power Japan ~ Creating Safe & Clean Energy Through Geothermal Power
NEWS | Features

Member Introduction: Baseload Power Japan ~ Creating Safe & Clean Energy Through Geothermal Power

15 December 2023 | Written by administrator

Japan sits atop one of the world’s largest reserves of geothermal energy. Yet the country generates less than 1% of its electricity from this source—much lower than the 10% recorded by solar and wind in 2021. If Japan is serious about boosting renewable energy to between 36~38% of its total energy mix by 2030 (an increase of 15 percentage points from 2021 levels) breakthrough results are needed. SCCJ interviewed Baseload Power Japan K.K. Country Manager Petter Sund at their office in Minato-ku, Tokyo, to find out what value the company can provide for Japan to realize its goal.


Baseload Power Japan K.K. (Baseload Power) is a 100% subsidiary of Baseload Capital Sweden AB (Baseload Capital): a specialized investment entity that fund’s geothermal energy projects worldwide. The company was founded in 2018 and is headquartered in Stockholm. The company envisions a planet in balance with resilient societies that run on renewable energy. By applying innovative financing structures to help local operators build and run the heat power plants, Baseload Capital can help nations quickly transition away from fossil fuels and toward energy independence.


“Baseload Capital currently has geothermal power companies in four countries: Iceland, Japan, Taiwan, and the US. I’m in charge of the company’s business operation in Japan. This is a position I assumed only recently, but I have more than ten years of working experience in Japan. Because I was the head of Business Sweden’s Taiwan trade and invest office between 2021 and 2023, I’m familiar with Taiwan’s energy market, too,” said Mr. Sund.


Baseload Power assesses all potential investment opportunities through several criteria. These are: (1) heat source; (2) power purchase agreement; (3) location of land; (4) partner entity’s competence. Once a project is deemed feasible by Baseload Capital’s investment committee the project then moves into the execution phase.


“We deal with everything from the initial research to the final set up of the power plant, including financing. This can be quite important as some traditional lenders may shy away from funding geothermal projects, due to the complexity of its risk profile.”


“We are a small, young, and agile company with a pioneering spirit. We dream of a planet where all electrical energy is extracted from renewable resources. Our global business footprint—all the way from Iceland to Japan—our innovative financing structures, and our ability to pivot quickly when needed are what makes us unique in this market,”

explained Mr. Sund.


Baseload Power’s power plants utilize a technology called binary cycle generation. Flash geothermal generation system requires hot water to be above 150 degrees Celsius; but the binary cycle method can generate power from medium to low temperature water as well.


“We currently have power plants in three locations. The Shika Power Plant started operation in April 2020. It is in Oguni, Kumamoto Prefecture. Our second power plant is Kitsune Power Plant. It started operation in June 2020 and is in Okuhida, Gifu Prefecture. Our newest operation was completed in May 2022 and is called Sansui Power Plant. It is also in Oguni, Kumamoto Prefecture,” explained Mr. Sund.


Despite the government’s plan to triple Japan’s geothermal capacity by 2030 from levels recorded in 2021, the utilization of this abundant, safe, and clean energy remains subdued nationwide. (1) High upfront costs; (2) onerous approval/regulation processes; (3) concerns about environmental damage; (4) lack of interest from local communities are among some of the challenges power companies face in Japan’s geothermal market on a day-to-day basis.


When asked about how businesses successfully turn these challenges into stepping stones, Mr. Sund provided the following responses:


“We need to create a new narrative that reassures all parties involved. Close communication with our local partners—for example hot spring operators—is paramount, too. Many of these communities aren’t benefiting from tourism and their population is decreasing. The setting up of geothermal power plants, if done properly, can not only lead to energy self-sufficiency; it can also create new business opportunities—including new jobs—for the residents of these communities.”


“At the end of the day increasing the public’s awareness is key. If more people across the country become aware of the vital role geothermal energy can play in Japan realizing its carbon neutral target for 2050, and if more people prefer using a safe and environmentally friendly energy source over its alternatives, everything else will follow suit,”

explained Mr. Sund.


We extend a warm welcome to Baseload Power Japan K.K. as a new member of SCCJ. You can find out more about them at:

日本には世界最大級の地熱エネルギーが埋蔵されている。しかし、発電量は2021年に太陽光発電と風力発電が記録した10%よりはるかに低い1%未満しか発電していない。もし日本が2030年までに再生可能エネルギーを全エネルギーミックスの36〜38%(2021年の水準から15ポイント上昇)に引き上げることを真剣に考えるのであれば、突破口を開くような成果が必要である。SCCJは、ベースロードパワージャパン株式会社のカントリーマネージャー、Petter Sund氏に東京都港区の同社オフィスでインタビューを行い、日本が目標を達成するために同社の果たす役割について聞いた。


ベースロードパワージャパン株式会社は、世界中の地熱エネルギープロジェクト専門に出資する投資会社、Baseload Capital Sweden ABの100%子会社である。同社は2018年に設立され、ストックホルムに本社を置いている。同社は、再生可能エネルギーで運営される回復力のあるバランスのとれた社会を理想としている。革新的な資金調達の仕組みを応用し、現地の事業者が地熱発電所を建設・運営できるよう支援することで、Baseload Capitalは各国が化石燃料から速やかに脱却し、エネルギー自給に向けて移行できるよう支援する体制を整えている。


「Baseload Capitalは現在、アイスランド、日本、台湾、そしてアメリカの4拠点で地熱発電事業を行っています。 だ。そのうち私は日本での事業運営を担当しています。この役職に就いたのはつい最近のことですが、日本での実務経験は10年以上あります。2021年から2023年にかけてビジネス・スウェーデンの台湾貿易投資事務所の代表を務めていたので、台湾のエネルギー市場にも精通しています」とSund氏は語る。


ベースロードパワーは、潜在的な投資案件をいくつかの基準で評価する。その基準とは (1)熱源、(2)電力購入契約、(3)土地の場所、(4)パートナー企業の能力の4点。プロジェクトがBaseload Capitalの審査を通過すると、Baseload Powerはそこのエネルギー市場に参入する。




















ベースロードパワージャパン株式会社のSCCJ加盟を心より歓迎します。会社について詳しくは、 をご覧ください。