Sky Solar of China to build 40-MW solar plant in Japan

Oct 20, 2014 - Chinese solar developer Sky Solar Holdings Co Ltd has secured a land lease agreement for a 40-MW solar farm in Japan, local paper Iwate Nippo said today.

The solar system will require a total investment of some JPY 12 billion (USD 112m/EUR 88m), according to the report. It will be located in the Japanese prefecture of Iwate.

When completed, the solar installation is expected to generate approximately 44.28 GWh of electricity per year. Its output will be bought by utility Tohoku Electric Power Co Inc (TYO:9506), company executives and local officials were cited as saying. The facility is to commence power generation in 2019, under the plan.

Sky Solar is also planning an initial public offering (IPO) in which it targets USD 100 million (EUR 78.4m) of proceeds for new capacity additions in Japan, Latin America, Chile, Uruguay and other regions. It will start trading on the NASDAQ stock exchange next month.

The company entered the downstream segment in 2012. Since then, it has completed 178.5 MW of solar farms and almost 1.2 GW of projects in progress. It owns and operates 51.8 MW of capacity.

(JPY 100 = USD 0.932/EUR 0.731)
(USD 1.0 = EUR 0.784)

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