GE Energy Financial Services and Pacifico Energy — the latter being a subsidiary of Virginia Solar Group — have agreed to a partnership for the third time, teaming up to develop a solar power project in Japan.
GE Energy Financial Services and Virginia Solar Group will both invest equity in a 96.2MW PV plant, with GE Energy Financial Services' commitment equaling out to US$62.5 million (¥7.5 billion). Construction of the plant has already commenced in Hosoe on Kyushu Island, in the prefecture of Miyazaki.
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Sushil Verma, a managing director and head of Asia Pacific at GE Energy Financial Services, said: “We aim to continue helping Japan achieve a diversified power mix. Working with reliable and regional counterparties supports our international expansion and renewable energy investment commitments.”
Pacifico Energy is the project developer managing construction and operations for the plant, which is being developed on a 140-hectare area that was originally expected to be a golf course. Once finished, it will be the largest solar power plant on Kyushu Island and will be comprised of approximately 300,000 photovoltaic modules supplied by Trina Solar. Toyo Engineering Corporation will serve as the construction company on the project, while Asahi Dengyo is providing operations and maintenance services.
Kazuomi Kaneto, president of Pacifico Energy K.K., said: “We are excited about partnering again with GE on Japan's third largest solar power plant, and the largest in the country which is invested 100 percent by foreign financial institutions. This investment, leveraging the extensive development experience of our team, helps Japan achieve 20 percent of its power generated from renewable sources.”
The installation is expected to begin operations in the spring of 2018 and will sell its generated power to Kyushu Electric Power Company under a 20-year power purchase agreement. It is expected to generate enough clean energy to power at least 30,000 homes and avoid 68,200 tons of CO2 emissions annually.
