Mitsubishi, agricultural co-operative plan up to 200 MW of solar projects

Jul 25, 2012 - Japan's Mitsubishi Corp (TYO:8058) said today it had agreed with The National Federation of Agricultural Co-operative Associations (JA ZEN-NOH) to promote solar power at agriculture sites, targeting up to 200 MW of such projects by end-2014.

The move is in line with both companies' efforts to lower their environmental footprint and encourage sustainable operations. The feed-in tariff of JPY 42 (USD 0.54/EUR 0.44) per kWh of solar power, which came into effect on July 1, is providing additional motivation.

The partners will form a joint venture -- JAMC Solar Energy Co -- to develop a mechanism for agriculture facility owners to go solar. JA ZEN-NOH and Mitsui are to take equal stakes of 45% each, while 10% will be in the hands of JA Mitsui Lease. The joint entity is to pour JPY 60 billion into solar installations on JA facilities. It major tasks will include installation, operations and maintenance of photovoltaic systems. JAMC Solar Energy will also provide equipment and lease support to farmers looking to enter the solar power sector.

(JPY 100 = USD 1.278/EUR 1.054)

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