Utility Scale Solar Project in Japan ( Solar Thermal Magazine ) – Gestamp Solar has announced its first photovoltaic project in Japan, under the promotion measures by Japan’s Ministry of Economy, Trade and Industry for the introduction of renewable energy in the country. The utility-scale project, located in Daigo town (Ibaraki Prefecture), will have an installed capacity of 31.6 megawatts (MW) over a total area of 40 hectares, and is situated on a former golf course.
Headquartered in Spain, Gestamp Solar is one of the world’s leading renewable energy developers, and started its Japanese operations in 2012.Construction is expected to be completed within a one-year period, with the target of commencing energy production by April 2015, supplying clean energy to Tokyo Electric Power Company (TEPCO) and powering more than 10,000 homes in the area.
For this project, Gestamp Solar entered into an agreement with Deutsche Bank AG, Tokyo Branch on June 26, 2014 to secure access to a non-recourse construction loan facility based on international project finance standards of 11.1 billion yen (approx US$110m). The parties expect to enter into similar financing arrangements for future Gestamp Solar projects in Japan.
Jorge Barredo, the CEO of Gestamp Solar, 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.
Mr. Barredo added,
We are proud to announce this development and example of successful collaboration between our countries, amid this year’s historic celebration of 400 years of friendship between Japan and Spain. 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. 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.
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