Invenergy’s subsidiary Invenergy Japan GK has completed financing with the MUFG Bank (MUFG) and NEC Capital Solutions (NEC) for Koumi Kogen Solar Energy GK, the first of two large-scale joint solar projects in Japan.
This represents the latest milestone of the Invenergy and SB Energy partnership that enables the joint development, financing, construction and operation of both Koumi Kogen Solar Energy G.K. and Queens Solar Energy G.K.
The Koumi Kogen Solar Farm is located on a former golf course in Nagano Prefecture, approximately 100 miles northwest of Tokyo, and will have 10.3MW dc of capacity once it is fully operational. The project represents the first capital investment for the two companies under this partnership, and is expected to enter commercial operation in the summer of 2019.
Invenergy Structured Finance senior vice president Meghan Schultz said: “This is Invenergy’s first project financing in Japan, which represents a significant milestone for us as an international developer of clean energy projects.
“We’re very pleased to share this achievement with SB Energy, one of Japan’s leading renewable energy companies and one with an outstanding reputation for excellence.”
Since 2013, Invenergy has been advancing development of its pipeline in excess of 250 megawatts of solar and wind projects in Japan under the Ministry of Economy, Trade and Industry’s Feed-in-Tariff program.
As the company continues to advance its renewable energy portfolio in the region, it will be focused in the coming months on growing its operations and local personnel to support continued success. SB Energy has developed in excess of 650 megawatts of solar and wind power since it was established in 2011.
The partnership between Invenergy and SB Energy combines Invenergy’s international experience with advanced, large-scale development and SB Energy’s domestic know-how accumulated through various solar projects in Japan.
The second large-scale joint solar project between Invenergy and SB Energy, Queens Solar Energy GK, is located in Fukushima Prefecture and will have 9.2MW of capacity once fully operational in late 2019.
Source: Company Press Release