Sojitz Corporation and Sojitz Corporation of America (collectively Sojitz) have entered the US solar photovoltaic (PV) market with an investment in Solar Power Partners (SPP), a US-based solar PV developer.
In collaboration with SPP, Sojitz plans to develop mid to large scale solar power IPP projects for utilities and also plans to bring strategic solar power IPP investment opportunities to Japanese utilities.
The US federal government currently facilitates the adoption of renewable energy by providing a variety of incentives including a 30% federal investment tax credit. With the help of state and federal subsidies, the US PV market is projected to grow at 40% per year.
In Asia, Sojitz has already invested in a Korean system integrator. In the US market, it is investing in solar PV projects through its strategic investment with SPP and aims to achieve a total of 100MW solar PV projects investment by 2015.
SPP owns, manages and operates over 50 solar energy systems totaling approximately 23MW. SPP performs site analysis, system design, operations and maintenance, and financing through solar power purchase agreements.