Seven Japanese companies have been celebrating the ground breaking of their solar and wind power project at a ceremony held today at the project site in Midorigahama, Tahara City, Aichi Prefecture in Japan.
With a PV capacity of 50MW and a wind capacity of 6MW, the companies claim that the project represents Japan’s largest solar and wind power project to date.
In October 2011, the seven participating companies — Mitsui Chemicals, Mitsui & Co, C-Tech Corporation, Toagosei Co, Toshiba Corporation, Toray Industries, and Mitsui Engineering & Shipbuilding Co — agreed to conduct feasibility and commercialisation studies for the project. Following successful findings, the companies signed an official agreement in September 2012 to implement the project.
The ¥18 billion (US$225 million) project has been partly funded by R&D subsidies provided by the Aichi prefecture’s government and partly from Tahara City under a programme to provide incentives to new local business ventures. However, it also expects to be financed by syndicated loans primarily from the Development Bank of Japan.
The project is being built on 800,000 square metres of land on a site which has been selected due to its “top level” daylight hours and wind velocity. Total annual output has been estimated at approximately 67,500MWh which is said to be enough to power 19,000 homes or 90% of Tahara City’s households.
In addition to providing electricity, the project will provide a platform for the participating companies to share knowledge and improve their expertise in the solar and wind industries.