Kuni Umi Asset Management, GE Energy Financial Services and Toyo Engineering have invested in 238MW solar power project, which will be constructed in Setouchi City, Okayama Prefecture, Japan.
The companies made the investment through a special purpose company, Setouchi Future Creations.
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GE Energy Financial Services holds 60% interest in the project.
In order to support the $1.1bn project, the three firms raised a loan of $867m from Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation.
The loan was offered on a non-recourse project finance basis.
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Toyo Engineering and Shimizu will commence construction of the solar photovoltaic plant in November on 260ha land, which was the former Kinkai salt field.
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By GlobalDataThe project is expected to begin commercial operations in the second quarter of 2019.
It will sell power to Chugoku Electric Power Company under a 20-year agreement.
Chudenko Corporation will provide operations and maintenance services for the plant.
GE will supply some of the inverters including its GE 1MW Brilliance Solar Inverter, which will make its debut in Japan.
Kuni Umi Asset Management president and CEOP Yasuyo Yamazaki said: "In addition to the Setouchi solar project, we developed a mega-solar power plant in Mito-city Ibaraki Prefecture and started the construction of a woodchip biomass fuel power plant in Kawaminami-cho, Miyazaki Prefecture.
"Now we are planning a wind farm in Nakadomari-cho, Aomori Prefecture. With these projects, we are contributing to the ideal region development with renewable energy."
GE Energy Financial Services managing director and Japan business leader Sushil Verma said: "Japan’s favourable regulatory policies make solar power attractive and diversify the country’s power generation sources.
"For us, the Kuni Umi project expands our international and renewable energy footprints, which already include investment commitments of $1.8bn in equity and debt in more than one gigawatt of solar power projects worldwide."
Image: Construction of the solar photovoltaic plant will commence in November on 260ha land, which was the former Kinkai salt field. Photo: courtesy of Toyo Engineering Corporation/Kuni Umi Asset Management.
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