GE Energy Financial Services Invests in Green Power Investment Corp’s Solar Project in Futtsu City, Japan
April 21 2015 - 9:30AM
Business Wire
GE Unit (NYSE:GE), GE Energy Financial Services has formed a new
partnership with Tokyo-based renewable energy project developer,
Green Power Investment Corp. (“GPI”), to invest in a 42-megawatt
(DC) photovoltaic solar power project in Futtsu City, Japan. GE
Energy Financial Services will invest alongside GPI in the project.
In addition to the investment from GPI and GE Energy Financial
Services, financing from a syndicate of four banks, led by The Bank
of Tokyo Mitsubishi UFJ, Ltd. will be utilized for the project.
Additional financial details are not disclosed.
Located in Japan’s prefecture of Chiba, the Futtsu solar plant
is currently under construction and is expected to reach commercial
operations in January 2016. It will sell its power via a 20-year
power purchase agreement with Japan’s largest utility, Tokyo
Electric Power Company Inc., under the Japanese feed-in tariff
regime. Once complete, the project will generate approximately ¥50
million in annual local tax revenues for Futtsu City and Chiba
Prefecture.
The project’s photovoltaic solar panels are being supplied by
Kyocera Solar Corporation, a Japanese subsidiary of Kyoto-based
Kyocera Corporation. GPI is managing construction and operations,
and Kyocera Communication Systems Co. will provide ongoing
operations and maintenance services.
GE Energy Financial Services has made equity and debt investment
commitments of $1.9 billion in nearly two gigawatts of solar power
projects worldwide, and plans to continue to invest over $1 billion
annually in renewable energy projects. Futtsu City is the business
unit’s third solar investment in Japan this year and its sixth
since it began investing in the country’s renewable energy market
in 2014. This year, the GE unit invested in Pacifico Energy’s
96.2-megwatt PV solar project in Hosoe and also invested an
incremental 7.5 percent equity interest in Japan’s largest solar
project, which is under construction in Setouchi City.
Sushil Verma, a managing director and head of Asia Pacific at GE
Energy Financial Services said, “The Futtsu project supports our
renewable energy and international growth objectives through the
formation of a new relationship with GPI and expansion of our
network to additional partners in the country.”
Toshio Hori, President of GPI added, “We are very pleased to see
this project, our first post-Fukushima project and one of the
largest in the Kanto area, come to fruition. We look forward to
further contributing to Japan’s energy independence with continued
expansion of our organization and execution on our pipeline of wind
and solar projects in Japan.”
Note to Editors:
View a photo of the 42-MW solar PV plant under construction in
Futtsu City, Japan.
About Green Power Investment Corporation (“GPI”)
GPI is a developer, owner and operator of renewable energy
assets in Japan. The President of GPI, Toshio Hori, was one of the
earliest pioneers in renewable energy, having built some of the
first large scale wind power projects in Japan, the United States
and the United Kingdom. GPI is headquartered in Tokyo and has a
team of professionals covering all areas of expertise necessary to
operate and manage a full-scale renewable energy business. GPI’s
recent partnership with Pattern Energy Group LP has further
strengthened GPI’s capabilities in development, financing,
operations and equipment procurement by providing access to the
capital, expertise and buying power of a major player in the field
of international renewable energy.
About GE Energy Financial Services
GE Energy Financial Services—GE’s energy investing
business—works as a builder, not just a banker, to help meet the
world’s power and fuel needs. We offer more than
money—expertise—for essential, long-lived and capital-intensive
power, oil and gas infrastructure—GE’s core business. Drawing on
GE’s energy technical know-how, financial strength and risk
management, we see value where others don’t and take on our
customers’ toughest challenges with flexible equity and debt
transaction structures. Based in Stamford, Connecticut, GE Energy
Financial Services holds approximately $18 billion in assets. More
information: www.geenergyfinancialservices.com. Follow GE
Energy Financial Services on Twitter: @GEEnergyFinServ
About GE
GE (NYSE: GE) works on things that matter. The best people and
the best technologies taking on the toughest challenges. Finding
solutions in energy, health and home, transportation and finance.
Building, powering, moving and curing the world. Not just
imagining. Doing. GE works. For more information, visit the
company's website at www.ge.com.
GE Energy Financial ServicesJaclyn Cole, 203-961-2934
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