Three Japanese companies, Kyocera, IHI and Mizuho Corporate Bank, have announced plans to construct a 70MW PV plant in Kagoshima, in the south of Japan.

The companies entered an agreement that sees Kyocera supplying about 290,000 multicrystalline modules to the project, to be located on a site of 1,270,000 square metres. The land will be leased by IHI, while Mizuho will provide a financing plan for the plant, which is estimated at approximately US$309 million.

A syndicate will be established by the three participating companies, whose purpose will be to operate the plant, with Kyocera as the biggest shareholder of this new conglomerate. Construction is expected to commence in July 2012.