The purpose of this research is to present a thorough analysis of business strategy for project selection aimed at building a robust supply chain of biomass fuel and achieving a sustainable growth, using the case of Serena Engineering Co., Ltd., a pioneering Japanese renewable energy company. The objective is to identify the core business issue of Serena Engineering Co., Ltd. and propose strategies for selecting appropriate projects that address this issue. To propose effective strategies, the author conducted two analytical steps: first, an internal and external analysis to identify potential projects aligned with the preferred basic strategy; second, a financial analysis of Serena Engineering Co., Ltd.’s overall financial statements and cash flow projections for each potential project to articulate the business strategy for project selection. Serena Engineering Co., Ltd. has four potential projects - Project A: Integrated Plant of Green Pellet & Power; Project B: Vertical Acquisition of Palm Oil Processing Factory; Project C: Geographical Expansion: Build Additional PKS Stockpile; and Project D: Special Expansion: Enlarge Inventorial Capacity of Existing Stockpile. The analysis indicates that Project A may offer the highest contribution to resolving the company’s business issue. A thorough examination of debt-equity financing and equity partner selection for Project A was conducted to outline the implementation plan for the project.