Energy Transition in the Post-FIT Era: Shift Toward PPAs and Emission Trading

Anton Kjoelby serves as a Commercial Officer at the Royal Danish Embassy in Tokyo, where he covers the energy sector. With over a decade of experience in Japan, his background includes work at an environmental NPO as well as a role as Coordinator for International Relations at Ogata Village Municipality.

He holds a BA in Japanese Studies from Aarhus University and an MA in Economics from Kyoto University’s “Sustainable Economic Development in East Asia” programme.

Nicklas Møller is the Director of Business Development at Voltaiyo KK, a Japanese renewable energy platform. Voltaiyo was rebranded from the Danish Obton A/S’ subsidiary, Obton Japan GK, in 2025, a company Nicklas established in 2021. The rebranding followed an investment from Intermediate Capital Group (ICG) into Obton’s Japanese market and the formation of a joint venture (JV) platform, which aims to reach 1 GWp of operational photovoltaic (PV) assets in Japan by 2030.

Voltaiyo manages over 400 MWp of PV assets in Japan, covering both commercial and technical aspects. The company als conducts operations and maintenance (O&M) for more than 220 MWp and obtained a construction license through its acquisition of the BCPG platform from Thailand in 2024. In addition to developing new greenfield PV assets, Voltaiyo is actively acquiring brownfield and other projects via mergers and acquisitions (M&A), managing both M&A processes and project financing with local Japanese lenders and financiers. Nicklas holds a BA in Business Administration and a Master’s degree from Copenhagen Business School.

Daisaku is responsible for developing the Crédit Agricole’s sustainable finance footprint in Japan.

He’s been involved in innovative transactions including Tokyo Metropolitan Government’s resilience bond and SMFG’s digital inclusion bond, and had various discussion with Japan’s power company. He also has a wealth of experience from previous positions held at Daiwa Securities, where he was involved instructuring Japan’s government transition bond mandates, making him well versed in the GX ETS.

He holds a Bachelor and Master of Engineering from Waseda University. He also holds the Certificate of ESG Investing from CFA Institute and completed the Sustainable Finance Executive Programme at the University of Oxford.

Tsuyoshi Yamada is responsible for origination and commercial development for renewable PPA and balancing in the Japanese power market. He brings more than 15 years of experience in business development, M&A, due diligence, negotiations, and team management across the onshore and offshore wind energy industry in Japan, Korea, Nordic countries and Europe. Prior to joining InCommodities in 2025, Tsuyoshi spent six years at Equinor as Lead Business Developer and Project Manager, focused on offshore wind in the Japanese market. Earlier in his career, he held investment and financing roles at Daiwa Energy and Infrastructure and Daiwa PI Partners, and spent over eight years at Eurus Energy Holdings, including a posting in Helsinki focused on business development in the Nordic market.

Tsuyoshi holds a Bachelor’s degree in Economics from Keio University and completed the Negotiation Excellence Programme at Saïd Business School, University of Oxford.

Through Carbon50, Nicolas provides advisory services on corporate power purchase agreements, battery storage monetization, and power trading. He also serves as a part-time lecturer at Rikkyo University. With 20 years of experience in the energy industry, he has held roles in both corporate management and strategy consulting. He holds a Master’s degree in Energetic and Nuclear Engineering from the Grenoble Institute of Technology and an MBA from Hitotsubashi University.

Keishi launched Japan Energy Hub, an English-language platform providing news, data, and insights on Japan’s power market, in early 2024, and has since expanded the business to include Enehub, which serves a Japanese audience. Previously, he spent over a decade in freelance consulting across a range of industries, including energy, while also running online media businesses. He is a graduate of Temple University Japan and an avid aviation enthusiast.