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Global Logistic Properties (GLP) has announced it will install solar panels on 305,000 square metres of rooftop space over 22 buildings in Japan, including Greater Tokyo and Osaka.
The modules will be provided by Yingli Green Energy, which are expected to generate a total of 29.6MWh, enough to power approximately 5,300 households each year.
Total investment has been estimated at JPY 7.4 billion (US$82 million) with GLP expecting to generate a levered IRR of approximately 17% on the investment.
Furthermore, GLP has qualified for the generous feed-in-tariff scheme, recently introduced by Japan’s Ministry of Economy, Trade and Industry. Under the programme, GLP will receive JPY40 (US$0.44) per kWh over a 20-year period.
A recent report from Frost & Sullivan demonstrated that the Japanese FiT increased the country’s solar market by 20% in 2012, and the country is likely to be the revenue leader in the Asia-Pacific region throughout 2012-2016.
Yoshiyuki Chosa, President of GLP Japan, said, “As a leading developer of large-scale, modern and environmentally-friendly logistic facilities, we are delighted to announce the launch of this exciting project. In addition to promoting renewable energy generation, the solar panels create a new revenue stream for GLP.”
Japan is also benefitting from a PV programme from mobile phone company Softbank which seeks to install PV arrays atop 1,000 residential rooftops in Japan. Homeowners will enter into a 20-year contract with Softbank whereby they will receive 15% of the revenues from the PV system. After the 20 year period, the homeowners will own 100% of the system.
The rooftop installations are scheduled to commence in April 2013 and include 12 properties in Greater Tokyo, five in Greater Osaka, one in Greater Nagoya, Western and Northern Japan, with two in Southern Japan.
The panels are expected to be fully operational by March 2014.