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GE Energy Financial Services (GE EFS) and its partner, Virginia Solar Group, has officially commenced commercial operation on the 32MW Pacifico Energy Kumenan Mega Solar Project (or “Kumenan Solar Project”) in Okayama prefecture, Japan. Electricity generated from the project will be sold to Chugoku Electric Company through a 20-year PPA at a fixed tariff.
GE EFS has been devoting to developing solar projects in Japan for years. The Kumenan Solar Project, whose asset manage is Pacifico Energy K.K., was launched construction in 2014, and Tokyo-based Toyo Engineering Corporation was the provider of EPC services. The project was constructed on mountainous terrain to leverage accessible slopes for maximizing power output and cost efficiencies.
Yingli Solar was the PV module provider for Kumenan Solar Project.
Kumenan Solar Project was the first project in the country to introduce the global standard of non-recourse project financing with a JPY ¥11 billion loan from The Bank of Tokyo–Mitsubishi UFJ and The Chugoku Bank Ltd. It was also GE EFS’ first investment in Japan.
“We are pleased to see our first ever investment in Japan come to life and start generating clean power that helps the country meet its renewables energy targets,” said Sushil Verma, Managing Director and Head of Asia Pacific at GE Energy Financial Services.
Together with Virginia Solar Group, GE EFS has invested in three solar projects in Japan, including Kumenan Solar Project. The rest two are 42MW Mimasaka Musashi project and 96MW Hosoe project, which are scheduled to become operational in second half of 2016 and first half of 2018, respectively.