Japan's Ichigo to issue JPY-2.9bn green bond

Ichigo Sennan Kitsuneike ECO Power Plant

July 25 (Renewables Now) - Japanese real estate company Ichigo Inc (TYO:2337) said today it has decided to issue a JPY-2.9-billion (USD 26.8m/EUR 24m) green bond to fund six solar projects.

The 10-year bond will be issued by Ichigo ECO Energy, with a payment date set for July 31, 2019. SMBC acts as lead underwriter.

The proceeds of the bond issuance will be used to pay for the refinancing and construction of six solar power plants, five of which are already operational. The solar parks range in size from 2.39 MW to 2.94 MW and receive feed-in tariffs (FiTs) of between JPY 21 and JPY 40 per kWh.

At present, Ichigo operates 42 solar power plants in Japan with a combined capacity of 118 MW. It is also developing a further 17 solar and wind projects totalling 66 MW.

The financial instrument being issued fully complies with the Green Bond Principles issued by the International Capital Market Association (ICMA) and the Ministry of the Environment’s 2017 Green Bond Guidelines, Ichigo said.

(JPY 100 = USD 0.93/EUR 0.83)

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