General Electric, along with joint venture partners Toyo Engineering and Kuni Umi Asset Management, has secured JPY90bn ($821m) in loan for a 231MW solar project in Japan.
The loan was provided by a consortium of banks including Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation.
The total cost of the project is anticipated to be around $1.1bn.
To be located in Setouchi City, Okayama Prefecture, the project will be managed by GE Energy Financial Services, which will own 60% stake in the project.
Toyo Engineering and Shimizu Corporation will begin construction on the solar photovoltaic plant in November.
GE will supply its 1MW Brilliance Solar Inverter, which eliminates the need for an intermediate transformer.
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By GlobalDataThe project is expected to become operational in the second quarter of 2019.
Solar power generated at the project will be sold to Chugoku Electric Power Company, under a 20-year power purchase agreement.
Kuni Umi Asset Management president and CEO Yasuyo Yamazaki said: "In addition to the Setouchi solar project, we developed a mega-solar power plant in Mito-city Ibaraki Prefecture and started the construction of a woodchip biomass fuel power plant in Kawaminami-cho, Miyazaki Prefecture.
"Now we are planning a wind farm in Nakadomari-cho, Aomori Prefecture. With these projects, we are contributing to the Ideal Region Development with renewable energy."
