Japan Solar Update: No.160 (Aug 4 ~ 8, 2025)
Japan’s 24th utility-scale PV tender saw bids far exceed the target capacity, with 38 projects (28.7 MW) awarded at zero yen/kWh. The average winning bid fell to 4.06 yen/kWh, well below the ceiling price of 8.9 yen/kWh. With the 25th tender targeting 115 MW, many unawarded bids are expected to return, setting the stage for another competitive round.
<Key points>
- In the 24th tender for PV projects, tenders largely exceeded the target tender capacity, continuing the strong momentum following the 23rd tender
- While the ceiling bid price for the 24th tender was 8.9 yen/kWh (6.18 cents/kWh)(pre-announced), 38 projects totaling 28.7 MW were awarded with the tender price of zero yen, and the average winning bid price dropped to 4.06 yen/kWh (2.82 cent/kWh)
- The tender target capacity for the 25th tender is 115 MW. Bids which were not awarded in the 24th tender are expected to be bidden in the 25th tender
Summary of the results of the PV tenders in FY 2024 and FY 2025 (20th – 24th tenders) and the tender target capacity of the 25th tender
Figure 1 Summary of the tenders in FY 2024 and FY 2025 and the detailed results of the 24th tender for PV projects under the FIT and the FIP programs
Source: Results, etc. of the 24th tender (first tender of FY 2025) for PV projects announced by the Organization for Cross-regional Coordination of Transmission Operators, JAPAN (OCCTO), compiled by RTS Corporation