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

PV Tech Premium
November 3, 2021
In this exclusive video from PV Tech publisher Solar Media’s Solar & Storage Finance USA event last month, a panel of supply chain experts discuss immediate challenges and potential remedies to the situation.
October 25, 2021
The Cabinet of Japan’s government has approved a plan to raise the national target for renewable energy in the electricity generation mix to between 36% and 38% by 2030. 
September 22, 2021
Renewables developer and asset manager RES has named Eduardo Medina as its new chief executive designate, with the former Vestas, SunPower and Acciona exec set to take over at the end of next month.
PV Tech Premium
September 13, 2021
Following the release of the US Department’s Solar Futures Study, Liam Stoker assesses the downstream and upstream trends that must be realised for US solar to fulfil its potential.
September 13, 2021
The US House of Representatives has finally unveiled proposals which would extend the Solar Investment Tax Credit (ITC) for 10 years at 30%, but only for projects meeting certain labour conditions.
September 8, 2021
Solar PV could provide up to 40% of the US’ total power demand by 2035, but only if annual installations quadruple by the middle of the decade.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
February 1, 2022
London, UK
Solar Media Events
February 23, 2022
London, UK
Solar Media Events
March 23, 2022
Austin, Texas, USA
Solar Media Events
March 29, 2022
Lisbon, Portugal