Case Study

Yotsuya Capital

Focus Points

Nikkei Press Release

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Titan was engaged by a global private equity fund looking to enter the Japanese renewable energy market via a joint venture or acquisition of a local developer and team.  The initial scope was to be PV projects, with potential to expand into other asset types in the future.

The investor had a history of entering into partnerships with young, new developers in target markets with long-term growth potential, rather than acquiring large existing portfolios.  This was certainly the case in Japan, where the market was shifting from subsidised FiT projects to a more competitive, PPA driven market.

To be successful, we needed to attract and hire a team with full capabilities to source & develop projects in-house.  Core capabilities needed were overall company leadership, project origination & development, PPA & offtake, project engineering, finance (project, corporate, M&A) as well as legal and commercial contracts.  Our challenge here lay in sourcing not only capable talent, but also a local Japanese team who had strong entrepreneurial ambitions and high enough risk tolerance to build out a platform with large, ambitious targets in partnership with a global investor.

Through discussions with the investor the decision was made to target talent who held broad enough experience to be able to wear multiple hats to keep the team lean, however were also youthful, energetic and flexible to work in a fast-changing environment.  With this approach, the Titan GreenTech team identified an initial Executive team of 4 members – all Japanese and in the solar PV industry, 3 of whom had lived abroad.  Due to the confidential nature of the search, the Titan GreenTech focused on leveraging their wide existing network of candidates who were working in larger developers or power utilities, who had expressed desire to work in a startup environment and contribute to creating a new business.

As this was both a newly established business, and joint venture partnership, the Titan GreenTech team engaged our partner legal and accounting firms to assist in taxation, due diligence, contract and labour law matters.

Through a complex and fast-paced process, the key to success was establishing a deep level of trust on all sides, and open, transparent communication between the Titan GreenTech, Yotsuya Capital (developer), all candidates for the team and Investor.

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