Kyocera Corporation, IHI Corporation and Mizuho Corporate Bank have reached a basic agreement to construct a 70MW solar power plant in Kagoshima City, Japan.
The $309m solar plant will be built in an area of 1,270,000m2 and will employ approximately 290,000 multi-crystalline solar modules supplied by Kyocera.
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Under the terms of the agreement, Kyocera Group will also be responsible the construction & maintenance of the system.
Mizuho CB will devise a plan to secure finance for the project while IHI will be responsible for leasing the land and will also participate in the plant’s operation.
A special-purpose company will be established to operate the solar plant in which Kyocera will be the largest shareholder.
Kyocera and IHI are seeking investment support from KDDI Corporation; Kyudenko Corporation; Kagoshima Bank, Takenaka Corporation and others for the solar plant.
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By GlobalDataThe project will generate approximately 79,000MWh of annual electricity to meet the power needs of 22,000 average households and will displace 25,000 tonnes of CO2 per year.
Construction of the solar plant will commence in July of this year.
The power plant is expected to ease Japan’s power supply issues caused due to the last year’s earth quake and to reduce CO2 emissions.
