GE Energy Financial Services connects 32 MW PV mega-solar project in Okayama Prefecture, Japan

GE Energy Financial Services and Virginia Solar Group have started commercial operations on its jointly owned 32-megawatt Pacifico Energy Kumenan Mega Solar Project in Okayama prefecture, Japan.

As one of largest solar power plants in the prefecture, Kumenan Solar Project has been operating with enough power to meet the demands of 11,000 Japanese households since March 2016 when it was formally commissioned.

The asset manager of Kumenan Solar Project is Pacifico Energy K.K. Tokyo-based Toyo Engineering Corporation has carried out Engineering, procurement and construction (EPC) of Kumenan Solar Project. The project was completed one month ahead of schedule.

The project was specially designed and constructed on mountainous terrain to leverage accessible slopes, which help maximize power output and cost efficiencies.

Kumenan Solar Project sells its power to local utility in the Chugoku area of Japan, the Chugoku Electric Compan through a 20year power purchase agreement at a fixed tariff.

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 Energy Financial Services’ 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.

Kazuomi Kaneto, representative director of Pacifico Energy Kumenan G.K. said “This 32-megawatt project has been a great first step for us. We challenged the design, procurement, construction, and finance to optimize the project and increase its viability as a sustainable energy source in the Japanese solar market.”

GE Energy Financial Services and Virginia Solar Group have commenced commercial operations on its jointly owned 32-megawatt Pacifico Energy Kumenan Mega Solar Project in Okayama prefecture, Japan.