GE Energy Financial Services will jointly develop a 96.2-megawatt solar power project in Japan with Solar Group subsidiary Pacifico Energy.
GE Energy Financial Services will invest Yen 7.5 billion (US$63 million) as its portion for the project, for which construction is underway in Hosoe on Kyushu Island, in the prefecture of Miyazaki. The project has also secured a Yen 35 billion loan from a syndicate of 12 Japanese financial institutions led by Bank of Tokyo Mitsubishi UFJ.
Once complete, it will be the largest solar power plant on Kyushu Island and consist of approximately 300,000 photovoltaic modules supplied by Trina Solar. Toyo Engineering Corp. is the construction company on the project, and Asahi Dengyo is providing operations and maintenance services. In addition to capital, GE is supplying the project with 50 units of 1.26-MW Brilliant solar inverters.
The project is expected to be completed in 2018 and will sell power to Kyushu Electric Power Co. under a 20-year power purchase agreement.