GSSG Solar, LLC (“GSSG”) announced the METI approval for its 14.7 MW Yamanashi solar plant (the “Project”).
This important milestone marks the final approval of the Project’s 20-year feed-in-tariff (“FIT) under which it will sell power to Tokyo EPCO. The Project is the second project developed by GSSG Solar to achieve this important milestone.
The Yamanashi Project was developed and built in coordination with the local government and includes a long-term commitment to maintain a dedicated community agricultural farm adjacent to the plant. It is expected that the project will provide clean, renewable solar power to offset the needs of approximately 2,800 local residents.
The project was financed by a leading Japanese renewables finance bank and funded using GSSG’s committed pool of capital for Japanese FIT projects. The company has acquired over 350 MWs of projects since it entered the Japanese market in 2014 and continues to actively invest in high-quality projects in Japan. GSSG expects to have 200 MWs of projects under construction by the end of 2019. A subsidiary of GSSG will provide asset management services over the life of the Project.
“This important milestone on the Yamanashi project represents the dedication of our local project management team as they have worked to identify, analyze, and resolve issues alongside our partners to ensure that this project is best positioned to perform as intended over the next several decades,” said Yoshiyasu Sumi, GSSG’s Country Manager and Director of Asset Management.
“We are grateful to JFE Plant Engineering for building another high-quality project for us and our investors, and to our local developer Cluster Gate for originating and managing the project in coordination with the local stakeholders. This success lays the ground work for our finance and operations team as we prepare for an ambitious second half of the year,” added Jason Stevens, Managing Director of Operations for GSSG.
Source: Company Press Release