Solar Farm. Author: Michael Mees meesphotography.com License: Creative Commons, Attribution 2.0 Generic
Japanese firm Mitsubishi UFJ Lease & Finance Co Ltd plans to invest in a 32-MW photovoltaic (PV) project by SB Energy Corp, to be located in Kagoshima prefecture, Japan.
The financial scope of the current deal were not revealed. Mitsubishi UFJ and SB Energy hold equal stakes in the entity in charge of the solar project, according to a joint statement on Tuesday.
The large-scale solar farm will be constructed in Kagoshima prefecture’s city of Aira. It is expected to be able to generate roughly 36.1 GWh of electricity annually, enough to power over 10,034 local households each year. Commercial operations are scheduled to kick off in the fiscal 2017, which ends in March 2018.
SB Energy is the renewable energy arm of mobile operator Softbank Corp (TYO:9984).
Under the Japanese renewables ministry's final energy plan, unveiled last month, renewables will account for 22% to 24% of the country’s power mix through fiscal 2030. If the target is met, Japan’s installed PV capacity will hit 64 GW.