Canadian Solar announced that its 100 MWp Azuma Kofuji solar project in the Fukushima Prefecture, recently reached commercial operation.
The Azuma Kofuji project is Canadian Solar’s largest project in Japan and Fukushima Prefecture’s largest operational solar project to date. The project is powered with Canadian Solar HiKu modules. The energy generated is being purchased by the Tohoku Electric Power Company at the rate of JPY36 (U$0.26) per kWh under Japan’s feed-in-tariff program for over 18 years.
Azuma Kofuji is expected to produce circa 106,800 MWh of clean and reliable energy, enough to power approximately 31,000 households and avoid over 50,000 metrics tons of CO2-equivalent emissions per year. The project will donate a share of the electricity sales revenues to the Fukushima City, funds of which will be used to promote local agricultural sector activities.
The project was financed by Nomura Capital Investment with a debt of JPY 24.5 billion (approximately U$175 million), which received an Asset Triple A deal award under the Renewable Energy Deal of the Year Category. The project is expected to participate in the Climate Bonds green certification process which is compatible with the new European Union Green Bond Standard.