GE JV gets US$822 million loan for 231.44MW Japan project

September 30, 2014
Facebook
Twitter
LinkedIn
Reddit
Email

A joint venture involving GE Energy Financial Services has secured a loan worth more than US$800 million for the building of Japan’s largest solar power project to date.

GE Energy Financial Services, the energy investment arm of US multinational General Electric (GE), and its partners in the JV, Tokyo-based Kuni-Umi Asset Management Fund and another Japanese company, Toyo engineering, will build the 231.44MW plant in Setouchi, Okayama Prefecture. The three companies jointly announced the news yesterday, after the loan deal was finalised last week. The JV building the Okayama plant is called Setouchi Kirei Future (‘kirei’ meaning ‘beautiful’ or ‘clean’ in Japanese).

This article requires Premium SubscriptionBasic (FREE) Subscription

Try Premium for just $1

  • Full premium access for the first month at only $1
  • Converts to an annual rate after 30 days unless cancelled
  • Cancel anytime during the trial period

Premium Benefits

  • Expert industry analysis and interviews
  • Digital access to PV Tech Power journal
  • Exclusive event discounts

Or get the full Premium subscription right away

Or continue reading this article for free

PV Tech reported GE Energy Financial Services’ plan to build the plant back in March. Then it was reported by a wide range of sources that the plant would cost around ¥80 billion (US$777 million), which has now been revised upward to ¥90 billion (US$822 million).

The loan has been secured in the form of non-recourse project finance from three of Japan’s biggest banks, Bank of Tokyo-Mitsubishi, Mizuho Bank and Sumitomo Mitsui. GE Energy Financial Services will hold a 60% stake in the project, while a power purchase agreement (PPA) is in place with regional utility, Chugoku Electric Power, for the huge power plant’s output. According to industry sources, it can be extremely difficult to obtain bank loans in Japan for foreign companies that do not have the backing of local partners.

Japan’s ‘largest solar farm’ record has been smashed every few months, with a bigger announcement to leapfrog the last seemingly always around the corner. A 70MW project completed in November briefly took the crown, before the connection of an 82MW plant in April, and the latest announcement means the 231.44MW plant will supercede a 110MW project currently under development by the clean energy arm of mobile telecoms company Softbank. Construction will begin in October, with completion expected for the second quarter of 2019.

Read Next

October 16, 2025
Masdar and Turkey have entered the final stage of US$1 billion agreement to develop the 1.1GW plant in Bor, Niğde Province, central Turkey.
October 16, 2025
T1 Energy and Nextracker have agreed to use the latter’s steel module frames at the former’s new 5GW module manufacturing facility in Dallas.
October 16, 2025
US utility-scale solar additions grew by 56% in 2024, reaching 30GW from 2023’s 19GW and representing over 54% of all new electricity generation capacity added in the country last year.
October 16, 2025
Expanding the electrification of Europe’s energy sector, would be the 'main tool' to improve the EU’s energy security, according to Ember.
October 16, 2025
Jakson Green and Blueleaf Energy have reached financial close for the 840MWp Bikaner solar projects in Rajasthan, western India. 
October 16, 2025
Off-grid solar company Sun King has revealed plans to set up manufacturing operations in Kenya and Nigeria.

Subscribe to Newsletter

Upcoming Events

Solar Media Events
October 21, 2025
New York, USA
Solar Media Events
November 25, 2025
Warsaw, Poland
Solar Media Events
December 2, 2025
Málaga, Spain
Solar Media Events
February 3, 2026
London, UK