Green Energy Business Initiatives of Obayashi Corporation

Presentation at the Vietnam – U.S. & International Partners Hydrogen Workshop 2026

April 10, 2026 by VAHC Secretariat 

Following the workshop program, Dr. Tran Nguyen Trong Nguyen – Founder of Kenzen Consulting and Representative of Obayashi Corporation (Japan) – delivered an important presentation on Obayashi's green energy business initiatives, focusing on the global hydrogen investment portfolio and concrete steps in Vietnam.

Below is a detailed summary of the presentation.

---

1. Overview of Obayashi Corporation

Obayashi is a leading Japanese construction group established over 130 years ago. As of March 31, 2025, the group achieved revenues of US$16.9 billion (converted at USD 1 = JPY 155). With headquarters in Tokyo, Obayashi owns a Technology Research Institute and provides services across the entire construction value chain, including:

• Urban planning

• Real estate investment

• Design (architecture, structure, MEP)

• Civil and building construction

• Maintenance and renewal

The group operates in four main business domains:

1. Building Construction

2. Civil Engineering

3. Real Estate Development

4. New Businesses (renewables, PPP, etc.)

---

2. Decarbonization Commitment and Domestic Renewable Energy

Obayashi commits to achieving net zero CO2 emissions for the entire group by 2040–2050, aligned with its Sustainability Vision 2050.

Since July 2012, Obayashi has entered the renewable energy business and continues to expand its portfolio, including:

• Solar photovoltaic

• Onshore and offshore wind

• Biomass

• Geothermal power

As of July 2025, Obayashi operates 37 renewable power plants in Japan with a total capacity of 285 MW, including the country’s first large-scale offshore wind farm. In addition, the group is developing 3 geothermal and 2 solar (on-site PPA) plants.

---

3. Overseas Renewable Energy Business

3.1. Sri Lanka

• Woody Biomass Power Plant at Dehiattakandiya, capacity 3.3 MW, operating since June 2019. This is a joint venture with a local company, using approximately 40,000 tons of fuel (Gliricidia, chaff, etc.) per year.

3.2. New Zealand

In 2024, Obayashi acquired a 50% stake in Eastland Generation – a renewable energy power generation company operating:

• 3 geothermal plants (59.2 MW total)

• 1 solar plant (5.2 MW)

• 1 hydroelectric plant (4.0 MW)

Eastland Generation also owns multiple pipelines for geothermal, solar, and wind power generation.

---

4. Technology Development and Demonstration in Hydrogen Business

Obayashi applies a three-phase strategy for the green hydrogen supply chain: Produce – Transport/Store – Use.

4.1. Projects in Japan

The group participates in a NEDO-subsidized project jointly with Kawasaki Heavy Industries to:

• Demonstrate highly efficient production of renewable energy-derived hydrogen

• Acquire safety and economic know-how

• Study maximum utilization of renewables after the FIT expires

One notable facility is the Fukushima Hydrogen Research Field (FH2R) , a hydrogen production plant using 10 MW solar energy.

4.2. Three-Phase Strategy in New Zealand

Phase 1 (2018 – 2024): Building a green hydrogen supply chain in New Zealand.

• Established joint venture Halcyon Power Ltd. with a local partner.

• Built New Zealand’s first MW-class hydrogen production plant at Taupo – a location with several 100MW-scale geothermal power plants.

• Opening ceremony held in December 2021, followed by test marketing.

• Built a Green Hydrogen Fast Refuelling Station at South Auckland (Wiri), operational from April 2024 – allowing large vehicles to refuel in just 15 minutes.

• Built a hydrogen refuelling station at the Ports of Auckland (2022-2024).

Phase 2 (2025 – present): Commercializing the supply chain in New Zealand and demonstrating marine transportation.

• November 2024: Successfully demonstrated marine transport of green hydrogen produced in New Zealand to Fiji, used for a dual-fuel generator (diesel + hydrogen).

• Ongoing demonstration project in Singapore, where Obayashi has multiple construction sites using diesel generators. Singapore was chosen because:

  • Existing grey hydrogen distribution (town gas mixed with hydrogen)

  • Infrastructure and talent ready for hydrogen trading

  • Multiple potential industrial off-takers

  • High energy prices (diesel nearly double Japan's pump price)

  • Government actively promoting hydrogen as a regional hub

Phase 3: Expanding business scale and commercializing green hydrogen exports from New Zealand to Japan, Singapore, and other countries.

---

5. Proposal for Green Hydrogen Export from New Zealand

5.1. New Zealand's Advantages

• More than 85% of electricity comes from renewable sources (hydro, geothermal, etc.)

• Strong support from the New Zealand Government

• Green hydrogen produced in New Zealand is positioned as "Premium Green Hydrogen" , making the most of surplus electricity from abundant renewable sources.

5.2. Japan's Demand

Japan's Basic Hydrogen Strategy (June 2023, Agency for Natural Resources and Energy) sets targets:

• 2030: approximately 3 million tons of hydrogen per year

• 2040: approximately 12 million tons per year (including ammonia)

• 2050: approximately 20 million tons per year

Due to limited domestic renewable electricity, Japan must import most of its low-carbon hydrogen. The Japanese Government has established subsidy programs for large-scale international low-carbon hydrogen supply chains.

5.3. Proposal to Establish a New Zealand Hydrogen Export Consortium

Obayashi proposes establishing a consortium of companies interested in industrializing the export of New Zealand-produced green hydrogen to:

• Examine the necessary technology and commercial framework

• Gain first-mover advantage in rule-making and green branding

• Create a hydrogen certification system that meets international standards

Obayashi requests the Ministry of Business, Innovation & Employment (MBIE) and New Zealand Trade and Enterprise (NZTE) to help form the consortium and financially support a feasibility study on green hydrogen exports (identifying potential customers and export barriers).

The New Zealand Government is considering financial support for a pilot export of green hydrogen to Singapore starting in April 2026.

---

6. Hydrogen Business Challenges in Vietnam

In the final part of the presentation, Dr. Tran Nguyen Trong Nguyen dedicated a section to hydrogen business challenges in Vietnam. Although detailed content is not fully displayed in the slide file, the overall context indicates:

• Vietnam is in the early stages of hydrogen market development

• Significant potential for renewable energy (wind, solar, geothermal)

• Need to attract international technology and investment

• Demonstration projects by Obayashi in New Zealand, Fiji, and Singapore can serve as lessons for Vietnam

• Cooperation with corporations like Obayashi can help Vietnam shorten the path to building a green hydrogen supply chain – from local production to exports within the ASEAN region

Dr. Nguyen also emphasized that ongoing demonstration projects across Asia and Oceania (New Zealand, Fiji, Singapore, Philippines, Taiwan, Hawaii, Australia, North America) demonstrate a strategy to steadily advance local production and consumption models for hydrogen businesses and realize future export models.

---

7. Closing Message

Obayashi Corporation, with its extensive experience in renewable energy and hydrogen, stands ready to cooperate with Vietnamese partners to:

• Assess potential for green hydrogen project development

• Share knowledge on technology, safety, and carbon certification

• Support the development of regulatory frameworks and hydrogen standards aligned with international practices

• Participate in demonstration and commercialization projects in Vietnam

"Green hydrogen is not only a decarbonization solution – it is also a strategic export opportunity and a key for Vietnam to become a clean energy hub in the region."

---

Contact:
Mr. Taiyo Nagata – Obayashi Corporation Representative
Email: nagata.taiyo@obayashi.co.jp

---

This article is prepared based on the presentation file of Dr. Tran Nguyen Trong Nguyen (Kenzen Consulting / Representative of Obayashi Corporation) and the workshop agenda of the Vietnam ASEAN Hydrogen Club held on April 10, 2026.