Sumitomo Mitsui Trust Bank, Limited and Osaka Gas Co., Ltd. have formed a renewable energy fund for domestic pension funds.

With a total amount of approx. 8.3 billion Yen ($ 54.4 million), the fund will invest in FIT and FIP PV power plants and storage battery facilities equipped with PV modules. The management period is expected to be ten years or less, after which Osaka Gas will acquire the invested renewable energy power sources.

This is believed to be the first formation of a renewable energy fund targeted at pension funds in Japan. Osaka Gas has set a goal of increasing the amount of renewable energy power sources that it handles, including those procured from other companies to 5 million kW by FY 2030. At present, it has accumulated to 3.15 million kW.