Sonnedix Japan reaches financial close for 46.6MW PV project

Share on facebook
Facebook
Share on twitter
Twitter
Share on linkedin
LinkedIn
Share on reddit
Reddit
Share on email
Email
Commercial operation for the project is expected in early 2020. Image: Sonnedix

Sonnedix Japan K.K. has reached financial close on a US$126 million non-recourse debt facility with MUFG Bank for the 46.6MW Tono PV project.

The financing deal comes less than a year after the project was acquired from its previous owners in June 2017, which brings Sonnedix’s total capacity in operation or under construction in Japan to 169MW.

Andreas Mustad, CEO of Sonnedix, said: “We are very proud of the Tono project milestone, which means Sonnedix now has over 200 MW of capacity in construction across our global platform. This is in parallel to the growth achieved over the last 12 months through the acquisition and integration of solar PV assets in other OECD countries. As our platform continues to scale, so does our commitment to its operational excellence in the long term.”

The EPC contractor for the project, NEC Networks & System Integration Corporation, has started construction on the site, with commercial operation expected in early 2020. Once completed, the installation is expected to generate over 53,000 MWh of clean energy annually.

Read Next

July 13, 2021
Solar PV capacity in Asia Pacific could triple to 1,500GW by 2030, with China driving deployment and Indonesia set to be the region’s fastest-growing market, according to Wood Mackenzie.
June 30, 2021
Japan’s eighth solar auction, for projects with a generation capacity of more than 250kW, has closed with bidders securing a total of 208MW.
June 28, 2021
Global IPP Sonnedix has acquired a 300MW solar PV portfolio from developer RIC Energy, with construction to start toward the end of 2022
PV Tech Premium
May 10, 2021
Andy Colthorpe takes a look at what’s happening and what’s expected to happen in the Japanese large-scale PV market, with data and analysis courtesy of RTS Corporation and interviews with Vena Energy Japan, Sonnedix Japan and Baywa Japan.
May 7, 2021
German agriculture group BayWa has said its renewables business saw an “unusually strong” start to the year, driven by high demand for solar modules and the sale of a PV plant in Japan.
PV Tech Premium
March 31, 2021
As the solar industry continues to mature and adopt more merchant-led business models, how will asset management principles need to adapt? This exclusive recording of a panel discussion from our Solar Finance & Investment Europe event answered that very question.

Subscribe to Newsletter

Upcoming Events

Upcoming Webinars
August 19, 2021
At 9am (PT) | 6pm (CEST)
Solar Media Events
August 25, 2021
Solar Media Events
October 6, 2021
Solar Media Events
October 19, 2021
BRISTOL, UK