Mitsubishi Corporation and C-Tech Corporation have entered into an agreement with the Aichi Public Enterprise Bureau and Tahara city to jointly develop a 77MW PV plant in Tahara city, Aichi Prefecture, Japan.
As part of the development plans, the companies will establish a new firm called Tahara Solar Co. in February which will build and operate the 77MW facility. The project will require a total investment of ¥20 billion (US$220.5 million), of which 80% will be raised through project financing.
Construction is expected to begin this summer and will cover around 98 hectares of land. The plant is scheduled to come online in 2014 and generate approximately 88,000MWh of electricity a year. Output will be sold to Chubu Electric Power Company through a power purchase agreement.
Mitsubishi has also announced plans to construct a 12,000kW solar power plant in Iwaki City, Fukushima, as well as a 6,000kW PV facility at the site of Onahama Petroleum Company in Iwaki City. Both projects are expected to complete in August 2014.
At present, Mitsubishi has a total PV capacity of 130MW in operation or under development across Japan. The company is aiming to increase this to 200MW by 2020.