Trina solar will supply 300 000 solar modules which will be used to run a 96.2MW solar farm in Japan. The project is a partnership between GE Energy Financial Services and Virginia Solar Group.
Pacifico Energy, a subsidiary of Virginia Solar Group, has partnered with GE Energy Financial Services on two other similar projects in Japan. Both are jointly investing equity in the project – GE Energy is investing around ¥7.5 billion (around AUD$83 million).
The project is being constructed on 140 hectares that was earmarked for a golf course in Hosoe, Kyushi Island, Miyazaki prefecture. Construction has already commenced and once completed, it will be the largest solar power station on Kyushi Island.
Once the plant commences commercial operation in 2018, it is expected to generate enough electricity to power 30 000 households and avoid 68 200 tons of CO2 emissions each year. Power generated will be sold to Kyushi Electric Power Company under a 20 year power purchase agreement (PPA).
GE Energy Financial Services currently has around $10 billion in global renewable energy investments with the majority in wind energy. They have close to $1.9 billion invested in solar energy with a further $1 billion earmarked for future renewable energy developments.
“We aim to continue helping Japan achieve a diversified mix of power,” said Sushil Verma, MD and head of Asia Pacific at GE Energy Financial Services. “Working with reliable and regional counterparties supports our international expansion and renewable energy investment commitments.”
Pacifico Energy is set to start construction on another 149MWs of solar this year and the company currently has an additional 300MWs capacity in various stages of development.
“We are excited about partnering again with GE on Japan’s third-largest solar power plant, and the largest in the country that is invested 100% by foreign financial institutions,” said Pacifico Energy president Kazuomi Kaneto. “This investment, leveraging the extensive development experience of our team, helps Japan achieve 20% of its power generated from renewable sources.”Tags: GE Energy Financial Services, Kyushi Electric Power Company, largest solar power station on Kyushi Island, Pacifico Energy, renewable energy developments, renewable energy investments, Solar energy, solar modules, solar power plant, Trina Solar, Trina Solar Panels, Virginia Solar Group