Kitahama Capital Partners Co., Ltd.
2134・Standard Market・Services
Business
Kitahama Capital Partners, Inc. (formerly San Capital Management) is a TSE Standard-listed investment company headquartered in Chuo-ku, Osaka. The company has 15 consolidated subsidiaries, 15 non-consolidated subsidiaries, and 2 equity-method affiliates, and conducts proprietary investment operations spanning renewable energy business centered on solar power generation and battery storage facility development, real estate sales and leasing, golf course operations (Tottori Country Club), and data center planning and operation. While the company also promotes asset management and advisory businesses, both segments recorded zero sales for the full fiscal year FY2026 (ending March 2026), with substantive earnings effectively concentrated in the investment business segment. Major customers are corporate purchasers of solar power generation systems (Matsushima Electric, YUSEI, MIJ LLC, etc.).
Business Model
The Group acquires and develops assets such as solar power plants, storage battery facilities, and real estate directly, based on investment principles of profitability, safety, and social value, with gains on sale, electricity sales revenue, rental income, and dividends serving as its main revenue sources. While the Group also aims to structure financial products through fund formation and the use of SPCs, at present, sales revenue from proprietary investment remains the primary source. Working capital is funded through equity issuance via third-party allotment (exercise of stock acquisition rights), and in FY2026 (ending March 2026), the Group raised ¥4,129 million through share issuance.
Company Strengths
The company has an investment platform across multiple real-asset domains, including solar power/battery storage facility development (through the consolidation of Trust Corporation as a subsidiary), data center planning and operation (Kitahama GRF, Ninja Energy, Kitahama ENERGY), real estate sales (Sun Realty), and golf course operation (Tottori Country Club), thereby diversifying dependence away from a single business.
The exercise of the 14th series stock acquisition rights increased capital stock by ¥2,261 million and capital reserves by ¥2,261 million (¥4,522 million in total), expanding net assets to ¥5,455 million as of the end of FY2026 (ending March 2026). The 15th series stock acquisition rights (allotted to Orion SPV1, LLC) have also been issued, demonstrating a track record of continued access to capital markets.
Since converting to an investment company in 2001, the company has accumulated financial expertise in real estate investment funds, the use of non-recourse loans, renovation, and conversion. It has also built up a track record of expanding its business foundation through M&A, including the acquisition of a golf course in 2006, the acquisition of Suntech Corporation in 2023, and the consolidation of Trust Corporation as a subsidiary in 2025.
ENVALITH's Perspective
Performance Trend
Net sales for FY2026 (ending March 2026) surged 172.2% to ¥1,910 million from ¥701 million in the prior period, driven by contributions from solar power development, storage facility development, and golf course sales. However, rising procurement costs and expanded SG&A expenses caused SG&A of ¥1,663 million to outweigh gross profit of ¥673 million, resulting in an operating loss of ¥989 million (versus ¥579 million in the prior period). Non-operating items included a provision for doubtful accounts of ¥139 million and an equity method investment loss of ¥63 million, leading to an ordinary loss of ¥1,184 million. Extraordinary income was recorded (including a gain on liquidation of an affiliated company of ¥104 million), but the net loss reached a record ¥1,268 million. While the low interest rate and weak yen environment continues to support real estate investment demand as an external factor, the situation persists in which, without improvement to the cost structure, sales expansion directly translates into wider losses.
Growth Strategy
Aiming to achieve profitability in FY2027 (ending March 2027) centered on the battery storage facility development and data center businesses
In collaboration with Trust Corporation, which became a subsidiary in September 2025, the company is advancing the development and sale of grid-connected battery storage projects. The FY2027 (ending March 2027) earnings forecast projects net sales of ¥12,374 million (up 517.1% year on year) and operating profit of ¥2,085 million; however, no formal sale and purchase agreement has been concluded as of now, and there is significant uncertainty regarding the feasibility of this forecast.
On April 15, 2026, the company issued the 15th series of stock acquisition rights (third-party allotment) to Orion SPV1 GK, and the payment of ¥48,000,000 for the issuance was completed on May 1, 2026. The maximum funds raised through exercise of the stock acquisition rights would be ¥3,840,000,000, aimed at securing stable operating funds.
The battery storage facility development business is also positioned as a foundation for stable power supply to the data center business, with the aim of diversifying group earnings through complementarity between the two businesses. However, no specific contracts or recognized revenue results have been confirmed as of FY2026 (ending March 2026).
The company aims to generate income from fund formation and management fees as well as advisory fees, but sales in both segments remained zero in FY2026 (ending March 2026). Leveraging the deal-sourcing know-how accumulated in the investment business to establish funds remains a medium- to long-term challenge.
Last updated: July 19, 2026