Kyuko Lease, a unit of Japanese financial service provider Orix, has formed a partnership with Kyudenko and JFE Engineering to develop renewable energy plants in Japan by 2016.

The proposed green power facilities are expected to have a total generation capacity of around 50MW.

Initially, the alliance will develop the 1.7MW Meishihama Solar Plant in southern Japan, which is expected to become operational in September 2013.

The Meishihama Solar Plant, which will use 7,200 panels, will generate around 1,800MWh of clean electricity annually, which is enough to power around 500 ordinary households.

Kyushu Electric Power Company will purchase the electricity generated from the solar power plant.

Under the partnership, Kyuko will provide asset management and funding solutions, JFE will provide engineering, planning and construction services, while the Kyudenko will operate and maintain the solar power plant.

Additionally, the partners have outlined plans to develop geothermal and wind power projects, apart from solar projects.

Orix owns 90% stake in Kyuko-Lease, while the remaining 10% is held by Kyudenko.