GE Energy Financial Services announced last week it had partnered with Virginia Solar Group to jointly invest equity in a 96.2-megawatt solar farm in Japan, powered by Trina Solar modules.
This will be the third occasion GE Energy Financial Services and Virginia Solar Group subsidiary Pacifico Energy have partnered to construct a solar power facility in the country. The company is committing a total of ¥7.5 billion to the project, which is approximately AUD $82.47 million at current exchange rates.
Construction of the plant is already underway in Hosoe on Kyushu Island, in the prefecture of Miyazaki. Once complete, the facility will be the largest solar power station on Kyushu Island. The 140 hectare site on which the power station is being developed was previously earmarked for a golf course.
The 300,000 photovoltaic modules supplied by Trina Solar plus fifty 1.26-megawatt solar inverters will generate enough power to supply 30,000 households and avoid 68,200 tons of carbon emissions annually.
The Hosoe installation is expected to commence commercial operations in 2018 and power generated will be sold to Kyushu Electric Power Company under a 20-year power purchase agreement.
GE Energy Financial Services says it has made commitments of USD $1.9 billion associated with nearly two gigawatts of solar power projects around the world – and it won’t stop there. The company plans to plough $1 billion annually in renewable energy projects.
To date, GE Energy Financial Services has ~$10 billion in cumulative global renewable energy commitments, the bulk of that being wind ($8 billion).
Other projects in Japan in GE’s stable are the Kumenan and Mimasaka Musashi solar power stations, plus the company also provided finance for Japan’s largest solar project, which is being built in Setouchi City.
“We aim to continue helping Japan achieve a diversified power mix,” said Sushil Verma, a managing director and head of Asia Pacific at GE Energy Financial Services.
” Working with reliable and regional counterparties supports our international expansion and renewable energy investment commitments.”
Pacifico Energy is set to start construction on another 149 megawatts of solar this year and the company currently has an additional 300 megawatts capacity in various stages of development.
