Japan's Renova switches on and takes control of 80-MW solar farm

Japan's Renova Karumai East Solar

December 2 (Renewables Now) - Japanese renewable power producer Renova Inc (TYO:9519) announced today it has taken control of an 80.8-MW solar park in Iwate prefecture that just started commercial operations.

Renova has increased its stake in Karumai East Solar TK to 69.25% from 38.50%, leaving each of NEC Capital Solutions Ltd (TYO:8793), Fuyo General Lease Co Ltd (TYO:8424) and Sumitomo Mitsui Finance and Leasing Company Ltd with a 10.25% stake.

The Karumai East solar power plant has an estimated annual power generation of some 87 million kWh, enough to meet the energy consumption of roughly 25,000 homes.

The PV facility's annual earnings before interest, taxes, depreciation and amortisation (EBITDA) are expected to reach JPY 2.5 billion (USD 22.8m/EUR 20.7m). It will operate under a feed-in tariff (FiT) of JPY 36 per kWh.

(JPY 100 = USD 0.913/EUR 0.828)

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Lucas is based in Brazil. He joined Renewables Now to expand coverage of the Ibero-American market, a highly attractive destination for green energy investment.

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