Kyocera, IHI, MIZUHO signs agreement to build 70MW solar power plant in Japan

Kyocera Corp, IHI Corp and Mizuho Corporate Bank have signed a agreement to build a 70MW solar power plant in Kagoshima City, southern Japan.

As per the deal, Kyocera will supply 100% of the solar modules and part of the construction and maintenance of the system, and IHI will lease the land and participate in the project’s operation, while Mizuho CB will provide a financing plan for the project.

A special-purpose company will be established to undertake the business operation of the mega-solar plant, with Kyocera planning to become the largest shareholder.

The solar project will be built on approximately 1,270,000m2 of land owned by IHI at an estimated cost of JPY25bn ($309m).

Construction work is expected to start in July 2012.

The plant will use approximately 290,000 Kyocera multicrystalline solar modules to generate about 79,000MWh of annual electricity and will provide the equivalent power for roughly 22,000 average households, offsetting roughly 25,000 tons of CO2 per year.