First Solar obtains $240 million in non-recourse project financing for Japanese utility-scale solar plant

Written By: Stratton Report
February 21, 2017

First Solar

On February 21, First Solar, Inc. announced it had obtained non-recourse project debt financing of approximately 27 billion yen ($240 million) in a syndicated loan arranged by Mizuho Bank Ltd. for a utility-scale solar project in Ishikawa prefecture, Japan.

According to First Solar, the Ishikawa Sogo Solar Power Plant, with a generation capacity of 59.5-MWs AC, will be one of the largest mega solar projects in the Hokuriku region.

First Solar stressed that it will continue to target Japan’s utility-scale solar industry; citing its existing construction loan of up to 4 billion yen ($33 million) financed by Mizuho Bank in Japan, First Solar emphasized that it is well positioned to develop, construct and operate various utility-scale solar projects, and provide integrated energy solutions that contribute to a safe and reliable energy mix in Japan.  

According to the firm, the Ishikawa Sogo Solar Power Plant is scheduled to commence operation in late 2018.