GE Energy Financial Services raises US$413 million in funding for solar projects in Japan

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
The fund launched successfully with funding of US$413 million. Image: GE

GE Energy Financial Services (GE EFS), the energy investing unit of General Electric, has raised what it claims to be the largest solar energy fund in Japan to invest in Japanese solar power projects.

The Development Bank of Japan has committed as the anchor investor for one third of the interests.

With additional support by a group of Japanese institutional investors, the launched resulted in funding of US$413 million. In Q3 2017, GE will look to raise additional commitments to bring the fund up to US$669 million. Overall, the fund has the potential to increase up to US$804 million.

The fund invests in operating installations in Japan, including the 32MW Kumenan solar plant that began operations in 2016, which GE Energy Financial Services held a stake in.

David Nason, president & CEO, GE EFS, said: “We are pleased to partner with DBJ and other leading Japanese institutional investors to create this new vehicle in Japan. This renewable energy infrastructure investing platform marries the energy investing and market expertise of GE EFS with strong local partners. It provides an important new source of capital to meet the energy needs of Japan with clean, renewable solar power.”

Read Next

April 20, 2021
Amazon has announced plans for nine new utility-scale solar and wind projects in the US, Canada, Spain, Sweden and the UK, putting it on track to powering all its activities with renewables by 2025.
April 13, 2021
London-based US Solar Fund has launched a placing programme that will be conducted over the next 12 months to help expand its PV portfolio to 543MWdc.
April 8, 2021
The US Department of the Treasury has revealed how new renewable tax incentives will be paid for by a tax raid on the fossil fuel industry, eliminating subsidies for oil and gas companies.
March 23, 2021
Lightsource bp has been selected to build, own and operate seven solar arrays in Pennsylvania that will provide nearly half of the state government’s electricity.
March 22, 2021
A subsidiary of EDP Renewables has signed a build-transfer agreement with Northern Indiana Public Service Company (NIPSCO) for the development of a 200MWac solar park in the US state of Indiana.
PV Tech Premium
March 17, 2021
California’s path to a carbon-free electricity will require record-breaking solar deployment for the next 25 years. But as solar installs stay above track, what else is needed for California to reach its zero carbon goal? A new joint report has the answers.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
April 20, 2021
Upcoming Webinars
April 28, 2021
4:00 - 4:30 PM CET
Solar Media Events
May 11, 2021