Mitsubishi is planning to take advantage of Japan’s proposed new feed-in tariff (FiT) by building several large-scale solar power plants in the country, according to financial newspaper Nikkei.
Among the portfolio will be a 1MW system that is likely to be located in the Kumamoto Prefecture. Initial investment in the development will be between ¥600-700 million per MW. Discussions on further major projects are already underway with other local governments.
Although Mitsubishi is already active in several overseas solar developments, including a partnership with Acciona in Spain, this is its first venture into its domestic market of Japan. This move has been partially inspired by the aforementioned new FiT, which, if introduced, will create guaranteed demand for the entire output of any given renewable energy project. The government has already put forward legislation aimed at starting the incentive programme during the next fiscal year.