The company has secured the financial closure of JPY27bn ($345m), for the newly formed entity with the help of six investors, which includes KDDI Corporation, IHI Corporation, Kyudenko Corporation, Bank of Kyoto, Kagoshima Bank and Takenaka Corporation.

Kagoshima Mega Solar will develop and operate a 70MW project besides selling its power to Kyushu Electric Power under a feed-in-tariff program, effective 1 July 2012.

Mizuho Corporate Bank will now devise a financing plan for the project with construction is set to commence in September of this year and an estimated completion date in late 2013.

Kyocera is the largest stakeholder in the newly established entity besides being responsible for the supply of 100% of the solar modules for the project.

The company will also have a part in the construction & maintenance of the system.