Japanese renewables developer Renova Inc announced today it has acquired all of a newly completed 21.6-MW photovoltaic (PV) power plant in Mie prefecture.
More specifically, the company struck a deal with Fuyo General Lease Co Ltd (TYO:8424) to buy from it the equity interest it did not own in the solar park owner, thus reaching 100% ownership in the Yokkaichi Solar Power Plant, it said. Previously the project was a 38/62 partnership between Renova and Fuyo. The former paid JPY 408 million (EUR 3.2m/USD 3.7m)
The PV park, which started operations today, is the eight large-scale solar power plant developed by Renova in Japan. Built in Yokkaichi town, the PV plant is expected to generate around 25,000 MWh per year, enough to meet the demand of 7,000 local homes.
The company has projected its PV capacity in 2018 would reach 450 MW, and then grow to 650 MW in fiscal 2019, and 800 MW in fiscal 2020, it noted.
With the start of commercial operation of Yokkaichi Solar, Renova's total operational capacity reaches 185.3 MW. Currently, the firm has 338.8 MW under construction, it noted.