Ichigo Inc.
2337・Prime Market・Real Estate
Clean Energy
Stable-growth renewable energy business centered on solar power generation
| Period | Current | Previous | Change |
|---|---|---|---|
| Segment revenue (cumulative Q1 FY2027, ending March 2027) | ¥1,649 million | ¥1,595 million | ↑ |
| Segment profit (business profit) (cumulative Q1 FY2027, ending March 2027) | ¥571 million | ¥498 million | ↑ |
| Segment assets | ¥34,893 million | ¥38,858 million | ↓ |
| Depreciation expense (cumulative Q1 FY2027, ending March 2027) | ¥500 million | ¥500 million | — |
| Increase in tangible and intangible fixed assets (cumulative Q1 FY2027, ending March 2027) | ¥353 million | ¥39 million | ↑ |
| Number of operational power plants | 64 locations (total generation output of approximately 188.2MW) | – | ↑ |
Business Details
A power generation business aimed at contributing to new effective utilization of real estate in Japan and improving energy self-sufficiency, centered on solar power generation and also engaged in the Regionally Integrated Biomass Power Generation Business and the Grid-Connected Battery Storage Business. Revenue is derived mainly from electricity sales income based on the FIT system, generating stable stock earnings that are less susceptible to market fluctuations. As of June 1, 2026, the company operates 64 operational power plants (total generation output of approximately 188.2MW) and 1 storage facility (battery capacity of 8.9MWh, battery output of 1.9MW).
Recent Overview
Electricity sales revenue rose 5% YoY on favorable weather and diversification effects; first storage facility began operation
In Q1 FY2027 (ending March 2027) (March to May 2026), stable operation of power plants led to a 5% year-on-year increase in electricity sales revenue (stock earnings). Favorable weather conditions and the stabilizing effect of portfolio diversification contributed to segment profit (business profit) of ¥571 million (up 14.7% year-on-year). In addition, the grid-connected battery storage facility "Ichigo Onjuku Iwawada ECO Storage Station" began operation on June 1, 2026, advancing business diversification.
Key Products
Growth Drivers
- Revenue stabilization through diversification effects of a power generation portfolio that has reached 64 locations nationwide and approximately 188.2MW of generation output
- Diversification of power sources through the full-scale launch of the Grid-Connected Battery Storage Business (first storage facility began operation in June 2026)
- Development of new power sources through initiatives in regionally integrated biomass power generation
- Expanding demand for clean energy amid the strengthening of global decarbonization and carbon neutrality policies
- A stable stock earnings structure from electricity sales revenue based on the FIT system that is less susceptible to market fluctuations
- Improved ESG evaluation driven by selection to the CDP "Climate Change" and "Water" A List
Risks
- Risk of fluctuations in power generation output depending on weather and sunlight conditions
- Risk from the declining FIT purchase price and potential system changes
- Increase in depreciation expense associated with the aging of power generation facilities (¥500 million in the current Q1)
- Risk of profit pressure from increased costs such as maintenance expenses
- Risk of rising construction costs in the development of new power sources such as biomass power generation and grid-connected battery storage
- Business risk associated with the Grid-Connected Battery Storage Business being the first such project, with operational know-how still being accumulated
Last updated: May 20, 2026