Sonnedix has reached financial close on a 40MW utility-scale solar farm in Japan, adding to a growing portfolio of solar in the country.
Sonnedix turned to Sumitomo Mitsui Trust Bank (SMTB) to lead the JPY15.5 billion (US$144 million) financing, which was underwritten by SMTB, The Bank of Fukuoka, Toho Bank, The Bank of Yokohama, Fukushima Bank and Joyo Bank.
Located in Soma city, Fukushima prefecture, the 40MW Sonnedix Soma Solar project is to be constructed by Daiwa House. It is expected to complete in early 2022 and generate more than 48,000MWh of electricity each year.
The project will add to an existing portfolio of projects managed by Sonnedix Japan KK that boasts a total of 133MW in operation and a further 205MW in various stages of development.
Axel Thiemann, CEO at Sonnedix, said the financial close was testament to the firm’s “strong commitment to the Japanese market”.
“Now, more than ever, we are focusing on our growth strategy, and this achievement takes us one step closer to becoming leading player in the Japanese solar sector,” he said.