GE Energy Financial Services, a business unit of American conglomerate General Electric, is backing a 42-megawatt solar photovoltaic farm in Japan.
GE has already committed three photovoltaic projects in Japan this year.
The company’s involvement in the latest project, which is to come up in Futtsu City, Japan, is part of its commitment to invest $1 billion in renewable energy projects globally.
The company has already backed 2 gigawatts of solar photovoltaic projects worth $1.9 billion around the world.
At present GE is set to partially invest in the solar farm that is to come up at Futtsu City, which is about 42 miles from Tokyo, the Japanese capital.
Although details of the size of investment have not been made public, the solar farm is expected to begin production by January next.
The other investors in the project include four banks led by Bank of Tokyo Mitsubishi, and Green Power Investment, a Japanese developer of clean energy projects.
Green Power will take up the engineering, procurement and construction (EPC) of the project.
Japanese company Kyocera will provide the solar panels for the project and the power utility Tokyo Electric Power is signing a 20-year power purchase contract under Japan’s feed-in tariff.
GE Energy Financial Services, the energy financing arm of the company, partnered with Pacifico Energy this month to develop 96.2 MW solar photovoltaic plant in Japan.
The project expands GE’s growing portfolio which already includes the 230-megawatt Setouchi City solar park and the PV plants Kumenan and Mimasaka Musashi.
Ajith Kumar S