US independent power producer (IPP) Enfinity Global has secured a US$195 million long-term financing for a 70MW solar PV plant in Japan.
Located in the northern prefecture of Aomori, the recently completed project is expected to produce over 75GWh of electricity per year.
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The plant, pictured above, uses bifacial solar panels and is part of a 250MW PV portfolio from the IPP in Japan.
Global financial institution Nomura Securities International acted as the initial lead arranger/sole bookrunner, while Japanese commercial bank Aozora Bank acted as lead arranger/agent.
Carlos Domenech, CEO of Enfinity Global, said: “Japan is at an inflection point where clean energy has become a competitive necessity”.
In its home country, the IPP recently sold a 40% stake in a 400MW solar PV portfolio to Japanese utility Kyushu Electric. The portfolio consists of 28 operational projects located in the US states of California, North Carolina and Idaho.
Enfinity Global currently has a portfolio of 21.6GW of renewable projects in different phases of development, of which nearly 1GW is operational and 9.1GW is for energy storage. Aside from Japan and the US, the IPP is also present in India, Italy, the UK and Spain, the last two countries for storage development only.