Renewables developer and sustainability services provider Enfinity Global has secured ¥29 billion (US$242 million) in long-term financing for three recently completed utility-scale solar plants in Japan totalling 70MW.
The power plants are contracted for 18 years under the feed-in tariff (FIT) programme. Global financial institution Nomura acted as initial lead arranger and sole bookrunner while Japanese commercial financier Aozora Bank acted as lead arranger.
Back in February, Enfinity purchased a 250MW solar portfolio in Japan for US$1 billion, which included three operational large-scale solar power plants with a cumulative capacity of 70MW and five projects under construction with 180MW cumulative capacity.
“We are committed to support Japan’s ambitious plan to reach carbon neutrality by 2050,” said Carlos Domenech, CEO of Enfinity Global. “We are grateful for the trust shown by our financing partners, Nomura and Aozora Bank.”
Under a business as usual scenario, Japan is forecast to have 111GW of installed solar by 2025 according to RTS Corporation, with this rising to 154GW by 2030. However, under an ‘accelerated scenario’, it could hit 115GW of installed PV by 2025 and go beyond 180GW by 2030.
Last October, Japan’s government approved a plan to raise the national target for renewable energy in the electricity generation mix to between 36% and 38% by 2030.
PV Tech Premium has delved into the idiosyncrasies of developing larger-solar projects in Japan as the country seeks to decarbonise.