China-based Global Logistic Properties (GLP) will invest $82m for the installation of rooftop solar panels on 22 of its properties in Japan.
Solar products manufacturer Yingli will supply panels to be installed on 3.3 million ft2 of rooftop area spread across properties in Greater Tokyo, Greater Osaka, Greater Nagoya, Western, Southern and Northern Japan.
GLP Japan president Yoshiyuki Chosa said that the initiative will create a renewable energy generation platform for the company as well as offering an alternate revenue stream.
The company is expected to generate a levered internal rate of return of approximately 17% on its investment and will make $0.44 per KWh of energy sold under the new feed-in-tariff scheme.
The panels will generate a combined 29.6MWh of electricity; suffice to meet the needs of 5,300 households.
GLP expects to commence the installation in April 2013 with a completion date set for March 2014.