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.
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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).
Yingli Green Energy and TMEIC, a Toshiba and Mitsubishi joint venture, will be supplying the photovoltaic panels and inverters for the facility.
Toyo Engineering is responsible for the construction of the project.
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By GlobalDataGE 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.
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