Independent power producer Sky Solar Holdings has announced that its subsidiary Sky Solar Japan has signed off on definitive financial agreements with its existing tokumei kumiai (TK) partner to increase the TK's capital contribution to the partnership in regards to 67 solar projects with a total capacity of 107.9MW in Japan.
Sky Solar Japan and its TK partner first entered into a TK agreement on 9 September 2014. According to these new financial deals, the TK will invest another JPY4 billion (US$$33,315,280) over the JPY4.93 billion provided to the partnership so far.
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Weili Su, founder, chairman and chief executive officer of Sky Solar, said: “We are delighted to expand our working relationship with our TK partner to continue building out our strong project pipeline there. We believe this valuable partnership and the terms of our agreement will allow us to maximize shareholder value by reducing our cost of capital as we work to securitize these assets in Japan and further our industry leadership position in this market.”