First Solar has secured non-recourse project debt financing of about JPY27bn ($240m) in a syndicated loan arranged by Mizuho Bank for a utility-scale solar project in Ishikawa prefecture, Japan.
This financing arrangement demonstrates First Solar’s technology, project development, operations and maintenance, and project financing capabilities for utility-scale solar projects in Japan.
The Ishikawa Sogo Solar Power Plant, with a generation capacity of 59.5MW, will be one of the largest mega solar projects in the Hokuriku region.
Once complete, it is expected to provide enough clean energy to serve the needs of around 17,500 average Japanese homes, displacing approximately 35,000 metric tons of carbon dioxide per year.
First Solar is committed to the development of Japan’s utility-scale solar industry. Together with the existing construction loan of up to ¥4bn ($33m) financed by Mizuho Bank in Japan, First Solar is well positioned to develop, construct and operate various utility-scale solar projects, and provide integrated energy solutions that contribute to a safe and reliable energy mix in Japan.
Solar power plays a significant role in Japan’s renewable energy strategy and the availability of project debt financing will further bolster utility-scale solar development to meet the unique energy needs in Japan.
The Ishikawa Sogo Solar Power Plant is scheduled to commence operation in late 2018.