Japan’s Prospect to build 18.7-MW solar park in Hiroshima
Solar modules in Japan. Featured Image: Norikazu/Shutterstock.com
Japanese real estate developer Prospect Co Ltd (TYO:3528) said Wednesday it plans to start constructing a 18.68-MW photovoltaic (PV) plant in Hiroshima prefecture later this month.
The company will work on the solar farm in cooperation with Kyudenko Corp, JFE Engineering Corp and Uniroot Inc. With investment ratios of 40%, 45%, 6% and 9%, respectively, the four partners will jointly finance an entity that will invest in special purpose company (SPC) KPJU Higashihiroshima. Prospect will contribute some JPY 530 million (USD 5m/EUR 4.4m).
The PV scheme is estimated to require a total investment of about JPY 7 billion, around JPY 1.33 billion of which will come from the entity. A project finance loan was arranged by Mizuho Bank Ltd for the project and part of the credit line was supplied to the developers on May 30.
Kyudenko will serve as engineering, procurement and construction (EPC) and operation and maintenance (O&M) contractor for the solar plant, to be located at a former golf course in Shiwa-cho, Higashihiroshima city. The facility will be equipped with 109,900 PV panels made by Solar Frontier KK, while Toshiba Mitsubishi-Electric Industrial Systems Corp (TMEIC) will supply the PV inverters.
Once up and running in July 2018, the solar park will sell its output at JPY 36/kWh, excluding tax. The PV plant is expected to generate about 20.5 GWh of electricity per year.