The plant, which will be built on a former golf course in Mimasaka, Okayama prefecture, is the companies’ second solar project in Japan.
The companies completed financing for the plant on a non-recourse project finance basis.
The Bank of Tokyo-Mitsubishi UFJ and Chugoku Bank supported the deal with a JPY ¥13bn credit facility.
Pacifico Energy is managing construction and operations while Toyo Engineering is the construction company on the project, which is expected to start commercial operations in the third quarter of 2016.
Yingli Green Energy and TMEIC, a Toshiba and Mitsubishi joint venture, will deliver photovoltaic panels and inverters.
Chugoku Electric will buy the electricity generated from the plant under a 20-year power purchase agreement.
GE 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."
Japan is planning to generate 20% of its energy from renewable sources by 2020.
The country is attracting investments in solar power through regulatory policies and feed-in tariff.
Image: Japan is planning to generate 20% of its energy from renewable sources by 2020. Photo: Courtesy of General electric.
