The Wall Street Journal reports this morning that the Sparx Group, one of Asia’s largest hedge funds, plans to launch a fund in July primarily to invest in renewable energy projects in Japan. It’ll be relatively small, up to a hundred million, but the firm feels the opportunity is so good that even if it can’t raise outside cash it’ll dip into its own assets of $6.5 billion to make the investments. The timing of the fund is no coincidence. Over the next couple months the Japanese government is due to make a decision on where exactly to set tariff levels for renewable energy projects. Many major companies like Mitsui, Hitachi and Toyota are awaiting clarification on the tariff policies, but once a decision comes down, renewable energy development in Japan will get a major kickstart. Over a year after the Fukushima disaster, investors are starting to see the opportunity in Japan.