Japan’s 77 Bank, Tohoku Energy sign 2-MW solar PPA

Japan’s 77 Bank Ltd has signed a power purchase agreement (PPA) with a wholly-owned unit of local utility Tohoku Electric Power Co Ltd (TYO:9506) in relation to a 2-MW solar project to be developed on unused land owned by the lender.

The bank will have the solar power plant built on a site in Tomiya city, Miyagi prefecture. Named 77 Solar Park Tomiya, the facility will deliver clean electricity to 77 Bank's head office building and to some other branches.

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Scheduled to be completed by 2024, the solar park is expected to generate approximately 2,494 MWh per year, equivalent to the annual consumption of around 800 households.

This initiative is the first under a new collaboration agreement signed by 77 Bank and Tohoku Electric Power in April to promote carbon neutrality.