Gestamp Solar, a renewable energy developer, will build its first photovoltaic project in Japan, under the Japan’s Ministry of Economy, Trade and Industry’s promotion measures for the introduction of renewable energy in the country.
Located in Daigo town (Ibaraki Prefecture), the utility-scale project will have an installed capacity of 31.6MW over a total area of 40ha.
Gestamp Solar CEO Jorge Barredo said this is an important milestone for Gestamp Solar, as the project is one of the largest utility-scale solar power plants to be developed by a foreign company in Japan.
"It is the largest single solar project to secure non-recourse financing in Japan," Barredo added.
Gestamp Solar is expected to complete construction within a one-year period, with the target of commencing energy production by April 2015.
"The support of Daigo Town, Ibaraki prefecture, METI, TEPCO and all the other institutions involved in the project’s development has been key to this success," Barredo continued.
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By GlobalData"Gestamp Solar is delighted to bring to Japan our global experience to help the country successfully fulfill its long-term commitment to the renewable energy sector."
Once operational, the project will supply clean energy to Tokyo Electric Power Company (TEPCO) and powering more than 10,000 homes in the area.
In June 2014, Gestamp Solar entered into an agreement with Deutsche Bank AG, Tokyo Branch, for project to secure access to a non-recourse construction loan facility based on international project finance standards of JPY11.1bn ($110m).
Image: Gestamp Solar has announced its first utility- scale solar project in Japan. Photo: courtesy of Gestamp 2014.
