SunEdison Inc. has secured an undisclosed amount of non-recourse project financing from Shinsei Bank for its 9.6-megawatt Tarumizu solar photovoltaic power plant being built in Japan.
The Tarumizu project is one of the first utility scale solar projects built by a US company in Japan to receive non-recourse funding from a leading Japanese bank. The electricity will be used to power 3,000 households on the southern Japanese island of Kyushu, contributing to Japan’s renewable energy industry and to the electrification of rural Japan.
Shinsei Bank will be lending SunEdison 80% of the total project cost for the project. The financing agreement was signed in January and the first drawdown occurred on February 24th. The project is expected to achieve commercial operation in September of 2015.