Japanese institutions to create fund to turnaround struggling solar projects
Mitsubishi Research Institute and Mitsubishi UFJ Morgan Stanley Securities have launched an approximately JPY50 billion (US$445.3 million) fund to turnaround struggling solar projects in Japan.
Mitsubishi UFJ Morgan Stanley will solicit investment from, among others, pension funds, while Mitsubishi Research will find solar facilities up for sale and will develop special-purpose companies to carry out new projects.
The partners aim to acquire more than 10 solar plants during a 3 year period. They expect to have a portfolio of at least 100 MW.
Japan’s government has recently approved changes to the country’s feed-in tariff (FiT) programme for renewables, including the introduction of auctions for solar projects in an overhaul of the program, which was introduced in 2012.
The modifications include the launch of an auction system for future photovoltaic (PV) projects in order to ensure competitive prices. The changes are expected to become effective in April 2017.
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