GE Energy Financial services and Virginia Solar Group begin selling 42-MWs of solar to Chugoku Electric Power
Written By: Stratton Report
October 11, 2016
On October 11, GE Energy Financial Services and Virginia Solar Group announced that their jointly owned 42-megawatt Mimasaka Musashi solar project had commenced commercial operations, selling its power to Chugoku Electric Power Company through a 20–year PPA at a fixed tariff.
Mimasaka Musashi received a JPY ¥13 billion ($125.6 million) credit facility from the Bank of Tokyo-Mitsubishi UFJ and Chugoku Bank.
The asset manager and original developer of Mimasaka Musashi solar project is Virginia Solar Group’s subsidiary, Pacifico Energy K.K. The project is located on a former golf course.The EPC contractor was Tokyo-based Toyo Engineering Corporation while Yingli Green Energy and TMEIC, a Toshiba and Mitsubishi joint venture, supplied the photovoltaic panels and inverters.
Mimasaka Musashi is one of three solar power projects in Japan jointly owned by GE Energy Financial Services and Virginia Solar Group.
Sushil Verma, Managing Director and Head of Asia Pacific at GE Energy Financial Services noted: “We are pleased to see another project investment come to completion and continue to deliver clean energy in support of Japan’s renewable energy goals.”
Nate Franklin, Partner of Virginia Solar Group observed:
“The Mimasaka project turned out very well and we appreciate how hard everyone worked to make it successful. We look forward to continuing to develop and construct solar projects in Japan.”
Mimasaka hopes to convert itself into a zero emission city and Japan has set a goal of having 20 percent of its power generated from renewable sources. GE Energy Financial Services and Virginia Solar Group have also invested in a third project in Japan, Hosoe (96-megawatt), which is currently under construction and scheduled to be operating in the first half of 2018.