Etrion Corporation announced Tuesday that it has completed the 24.7 MW Shizukuishi solar power park — located in the Iwate Prefecture of northern Japan. Etrion's partner and EPC contractor, Hitachi High-Technologies Corporation (HHT), delivered the project both on time and on budget.
The PV project is selling electricity to Tohoku Electric Power Co. as part of a 20-year power purchase agreement at approximately US$0.37 per kWh. The installation is expected to generate around 25.6 GWh of PV energy per year — enough electricity to power 7,300 homes.
This is the second solar project developed, built, financed, owned and operated by Etrion in cooperation with HHT and Sumitomo Mitsui Trust Bank (SMTB). In June 2016, Etrion announced the financial close of a third solar project, Aomori (9.5 MW), which is now under construction.
Marco Antonio Northland, Etrion's CEO, said: “I am delighted with the progress we are making in Japan and the strong collaboration we have with our local partners. We are fully dedicated to this market and are confident that we can advance our more than 250 MW of backlog and pipeline to be ready to build over the next couple of years.”
Kengo Noguchi, SMTB's managing executive officer and global head of structured finance, added: “It is our great pleasure to partner with Etrion and Hitachi High-Technologies in developing their second solar project in Japan. SMTB is committed to supporting the country's shift to clean energy. We are proud to take part in this environmentally friendly power generation project and look forward to assisting Etrion and Hitachi High-Technologies as they execute their growth plans, bringing more solar projects into the energy mix in Japan.”