Energy investment firm considers investing in Furusato Netsuden geothermal projects in Japan
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HEXA Energy Services is considering investment in the geothermal projects being operated and developed by Furusato Netsuden in Kumamoto, Japan.
HEXA Energy Services (HEXA), a company that specializes long-term investments in renewable energy infrastructure and Battery Energy Storage Systems, has signed a Memorandum of Understanding with Furusato Netsuden to explore a potential investment by HEXA in the geothermal power projects developed and operated by Furusato Netsuden in Kumamoto Prefecture, Japan.
Under the MoU, the parties will conduct due diligence on projects maintained and operated and those to be developed by Furusato Netsuden , and will evaluate potential investment opportunities. Through these discussions, the parties aim to establish a long-term partnership to support the further growth and expansion of geothermal power in Japan.
Furusato Netsuden develops geothermal power projects through the “Waita model” which puts local communities at the center of the projects. The company had recently announced the start of operations of the 4.95-MW Waita No. 2 geothermal power plant in the town of Oguni in Kumamoto Prefecture. In 2025, Swedish company Baseload Capital announced a strategic investment in Furusado Netsuden.
By combining HEXA’s experience and capabilities in renewable energy businesses, development, financing, asset management, PPA structuring, and aggregation with Furusato Netsuden’s expertise in geothermal project development and operation with, the two companies aim to accelerate investment in geothermal power and contribute to Japan’s energy transition
“We are very pleased to announce this collaboration with Furusato Netsuden Co., Ltd. Furusato Netsuden achieved the commencement of commercial operation of a geothermal power plant of 1,000 kW or more in 2015, the first such achievement in Japan in 16 years, and has continued to pursue advanced initiatives in coexistence with local communities. We believe it is one of Japan’s leading innovative geothermal power developers,” said HEXA CEO Yuko Shah (Watanabe).
“In Japan’s energy transition, where the outlook remains uncertain, we are confident that advancing projects by combining the respective strengths of Furusato Netsuden and HEXA will serve as a new model case toward the realization of a decarbonized society.”
Source: HEXA Energy Services and Furusato Netsuden
