German developer Wirsol and US investor Greenpower Capital have acquired a 22MW PV project being developed by Chikyu Factory Service in Japan.
The two companies, which earlier this year set up a joint venture to develop large-scale PV projects in Japan, will take forward the construction of the Ichinoseki ‘mega’ solar plant in the Iwate prefecture of Japan’s main island, Honshu.
Wirsol will provide financing and engineering, procurement and construction services for the project. Construction is due to begin in early 2014 when the necessary government permits have been granted and will take eight months.
Junichi Hirai, president of Chikyu Factory Service, said: “The most critical barriers we faced in project development were financing the project and the skill and expertise to increase the size of the mega solar project over 10MW.
“The Mega-Solar Partner Program provided by GPC/WIRSOL was the best solution for those issues. Also, the fact that GPC/WIRSOL partners with Japanese companies for EPC services was a very important criteria for us.”
“I am very glad to execute the agreement with Chikyu Factory Service,” said Nikolaus Krane, a member of the Wirsol board. “WIRSOL … has built over 400MW of solar all around the world. We are more than happy to transfer our expertise and know-how to the Japanese partners by fostering the relationship with Japanese EPCs during our building process.”
Jeff Butler, president of Greenpower Capital, said: “We partner with local landowners and developers, and contract with Japanese EPC and other service providers. This partnership model with the Japanese players has been very well accepted by the Japanese PV market.”