June 29 (Renewables Now) - GE Energy Financial Services (GE EFS) announced today it has successfully launched a solar energy fund of JPY 46.3 billion (USD 412m/EUR 361m) to invest in operating plants in Japan.
GE EFS, which is part of US conglomerate General Electric (NYSE:GE), raised the fund with additional backing by a group of Japanese institutional investors. It seeks to secure additional commitments and hit JPY 75 billion in the third quarter of 2017. The full potential of the fund is estimated at JPY 90 billion.
The 100% government-owned Development Bank of Japan Inc (DBJ) helped GE EFS structure the fund and committed as the anchor investor for one third of the interests. The bank holds Limited Partner interests in the fund, while GE EFS has both General Partner and Limited Partner interests.
Based on GE EFS and DBJ’s research, this is the largest solar energy fund in Japan. It invests in operating assets such as the 32-MW Kumenan solar plant. The investor noted that GE solar inverter technology is widely used in the targeted projects.
(JPY 100 = USD 0.889/EUR 0.779)