November 15 (Renewables Now) - Japanese renewable power producer Renova Inc (TYO:9519) has achieved financial close for the 20.8-MW Hitoyoshi Solar Power Plant project in Kumamoto prefecture.
Renova manages this project through its subsidiary Hitoyoshi Solar GK. The company has a 38% stake in the photovoltaic (PV) park, while Fuyo General Lease Co Ltd (TYO:8424) holds the remaining 62%. Renova has the right to acquire its partner's interest after completion of the project.
The PV plant is the firm's 13th large-scale renewable energy park in Japan and its second in Kumamoto prefecture. Scheduled to start commercial operation in June 2023, this facility has an estimated annual output of about 22 million kWh, enough to supply 6,000 local households.
The plant, which is located in the town of Hitoyoshi, will operate under a feed-in tariff (FiT) of JPY 36 (USD 0.331/EUR 0.300) per kWh. Its annual earnings before interest, taxes, depreciation and amortisation (EBITDA) are estimated to reach JPY 600 million, the company said.
(JPY 100 = USD 0.920/EUR 0.834)