Shinsei Bank to aid Japan’s renewables sector with USD 2bn - report
Jul 16, 2014 - Japanese lender Shinsei Bank Ltd (TYO:8303) intends to extend up to JPY 200 billion (USD 2bn/EUR 1.4bn) in loans by March 2016 to back the development of renewable energy projects, Bloomberg said today, citing a company official.
The bank, which finances Goldman Sachs’ (NYSE:GS) renewable energy schemes in Japan, will provide between JPY 150 billion and JPY 200 billion in financing and has already committed to support 250 MW of solar schemes, the executive officer and general manager of the bank’s specialty finance division Tsukasa Makizumi told Bloomberg. The capacity of the solar projects is seen to reach 300 MW later in 2014, for which about JPY 75 billion will be allocated.
More specifically, Shinsei Bank will provide the financing to companies that are stepping into the solar market for the first time. Makizumi noted that the bank prefers to offer project finance rather than corporate. In addition, it will extend loans for wind, biomass and geothermal projects.
Earlier this month, Bloomberg New Energy Finance said in a report that Japan is expected to attract USD 116 billion (EUR 85.5bn) of rooftop PV investments and an additional USD 72 billion for other renewable technologies. The country’s solar segment is seen to become one of the largest ones globally in terms of newly-installed capacity in 2014 thanks to the attractive feed-in tariffs (FiT) that Japan introduced in July 2012.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.