GE Energy Financial Services and Pacifico Energy to builds solar project in Japan
GE Energy Financial Services has completed project financing for the development of the 42 MW Mimasaka Musashi photovoltaic solar power project, which is under construction in the prefecture of Okayama, Japan.
GE Energy Financial Services invested alongside Pacifico Energy, a Tokyo–based utility–scale solar project developer and subsidiary of Virginia Solar Group.
Financing for the project was completed on a non– recourse project finance basis and was supported by a JPY ¥13 billion (US$109.3 million) credit facility from the Bank of Tokyo–Mitsubishi UFJ and Chugoku Bank. Additional financial details were not disclosed.
Located on the site of a former golf course, Mimasaka is expected to reach commercial operations in the third quarter of 2016 and sell its power to Chugoku Electric through a 20–year power purchase agreement at a fixed tariff rate.
Pacifico Energy is managing construction and operations, Toyo Engineering Corporation is the construction company on the project, and photovoltaic panels and inverters are supplied by Yingli Green Energy and TMEIC, a Toshiba and Mitsubishi joint venture.
Japan's regulatory policies and feed–in tariff attract investments in solar power, which support the country's efforts towards achieving a diversified power mix.
During the last six months we have reported about financial closure of several solar projects in the country:
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