Financial close reached for Japanese solar power plant
Shinsei Bank, Limited has arranged project financing for a large-scale solar power plant with a total generation capacity of approximately 26 megawatts to be built in Ichinoseki City, Iwate Prefecture. The megasolar power plant will be built by Godo Gaisha Ichinoseki Solar Power 1, which is sponsored by Global Power Synergy Public Company Limited (GPSC) in Thailand.
The completed solar farm will be 99% owned by GPSC, while Mr. Anuman-Rajadhon will have the option to sell his 1% share in the project. Conergy will construct the plant and offer its O&M expertise once completed, the company confirmed.
Shinsei Bank concluded the relevant loan agreements on April 12, 2016. As the arranger, Shinsei Bank will finance approximately 8.6 billion yen in total of construction and other expenses.
This is the first megasolar project in Japan undertaken by GPSC, an Independent Power Producer (IPP) belonging to the PTT Public Company Limited Group, a state-run oil and gas company in Thailand. Approximately 90 hectares of land will be developed in Ichinoseki City, Iwate Prefecture, upon which the megasolar power plant will be built and operation of the plant is expected to commence in 4th Quarter of 2017. In addition to foreign sponsors, Japanese and overseas businesses with strong track records in the construction, operation, and maintenance of power generation facilities have participated in this project.
This project has been a prime example of Shinsei Bank’s ability to utilize its expertise, knowledge, and extensive experience in arranging project financing with overseas players.
Shinsei Bank has designated project financing, including project financing of renewable energy projects, as an area of growth in its Third Medium-Term Management Plan. The Bank aims to arrange a broad range of transactions both within and without Japan leveraging its expertise in areas such as advanced risk analysis and structuring capabilities. The Bank will continue to proactively engage in renewable energy projects in Japan where the participation of overseas players has been recently increasing.
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