First Solar, Inc. announced on November 15th that it will invest approximately $100 MM in Japan to develop solar power plants. First Solar will partner with Japanese companies to develop, construct, and operate solar power plants, mitigating Japan's dependence on nuclear and natural gas fuel imports.
"At First Solar, we invest in markets where solar power addresses a fundamental need on a sustainable basis. Japan is adopting a progressive approach by incorporating clean, safe, renewable sources of power in its plans to address the gap created by idle nuclear power. First Solar has proven solutions to support Japan's vision of energy security and economic growth, and we will continue to invest here as part of our strategy to develop sustainable solar markets", said James Hughes, CEO, First Solar.
Japan is expected to become one of the key solar markets due to its significant energy demand, with a government-set target to install 28GW by 2020. Solar PV plants can be built quickly and safely, providing robust solutions to idled nuclear power.
First Solar, with its global expertise in Development, Engineering, Procurement and Construction of solar power plants, has established a Japan operating subsidiary, First Solar Japan GK, and opened an office in Tokyo, investing in Japanese resources and expertise, to effectively pursue growth opportunities.