Itochu, partners to build 45-MW solar farm in Japan

Jul 15, 2014 - Japan’s Itochu Corp (TYO:8001) said today it will take part in a consortium that will build a 45-MW solar park in Kyushu island, southwestern Japan.

Itochu’s partners in the project will be engineering firm Kyudenko Corp (TYO:1959) and Mitsui Engineering & Shipbuilding Co Ltd (TYO:7003). The joint venture will be 50%-owned by Itochu, while Kyudenko and Mitsui will hold a 30% and 20% interest, respectively. The partners have already struck a loan agreement with a group of lenders led by Mizuho Bank Ltd, Itochu said without providing any figures.

The proposed solar power facility will be situated in Oita prefecture, with construction works slated to begin next month. The plant is scheduled for completion in March 2016. Once operational, it will be able to generate about 52.5 million kWh of electricity per year and its output will be sold to utility Kyushu Electric Power Co (TYO:9508).

According to a report by Japanese daily the Nikkei from Tuesday, the project calls for a total investment of about JPY 15 billion (USD 148m/EUR 108m).

(JPY 100 = USD 0.984/EUR 0.723)

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