SIC launches new solar-focused fund in Japan

Japanese fund management company Spring Infrastructure Capital Co Ltd (SIC) has set up a new renewable energy fund targeting operational solar parks in Japan.

Sumitomo Corp (TYO:8053), one of the three companies behind SIC, said last week the fund has already received around JPY 13 billion (USD 104.7m/EUR 96.4m) in investment commitments from several Japanese investors.

Sumitomo Mitsui Banking Corp and Development Bank of Japan Inc are the other two firms with stakes in SIC.

As part of its first investment, the fund recently acquired 50% of two solar power companies in Minamisoma city, Fukushima Prefecture, which have 92.2 MW of solar capacity, in operation since 2018. The assets were owned by Sumitomo Corp and Sumitomo Corp Tohoku.

This is the second fund SIC has established. In 2019, the firm launched its first one focused on UK-based offshore wind power.

(JPY 100 = USD 0.805/EUR 0.741)

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