GE Energy Financial Services has provided funding for the construction of the 42MW Mimasaka Musashi solar photovoltaic (PV) plant in Japan.

The plant is being constructed by Pacifico Energy, a Tokyo-based subsidiary of Virginia Solar.

Mimasaka Musashi has also received a JPY13bn ($109m) credit facility from the Bank of Tokyo-Mitsubishi UFJ and Chugoku Bank.

The plant is likely to start commercial operations in the third quarter of 2016 and will sell its generated electricity at a fixed tariff rate to Chugoku Electric under a 20-year power purchase agreement (PPA).

“GE Energy Financial Services is committed to building a long-term relationship with Pacifico Energy and helping Japan meet its renewable energy targets.”

Yingli Green Energy and TMEIC, a Toshiba and Mitsubishi joint venture, will be supplying the photovoltaic panels and inverters for the facility.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Toyo Engineering is responsible for the construction of the project.

GE Energy Financial Services managing director and Japan business leader Sushil Verma said: “We are committed to building a long-term relationship with Pacifico Energy and helping Japan meet its renewable energy targets.”

Virginia Solar partner Nate Franklin said: “We are excited about partnering again with GE on a second project.

“This investment helps Mimasaka achieve its goal of transforming itself into a zero emission city.”

So far, GE Energy Financial Services has provided a sum of more than $1.8bn for approximately 1GW of solar power projects across the world. It intends to invest around $1bn annually on renewable energy, reports Bloomberg.

Energy