New Projects, Renewables, Solar

GEFS, Virginia Solar Group Start Operations at Japan Solar Power Plant

GE Energy Financial Services (NYSE: GE) and Virginia Solar Group began operations at the jointly-owned Pacifico Energy Kumenan Mega Solar Project in Japan.

Tokyo Engineering Corp. carried out the engineering, procurement and construction of the 32-MW project that was completed one month ahead of schedule. The project was specially designed and built on mountainous terrain to leverage accessible slopes. Kumenan Solar Project sells its power to Chugoku Electric through a 20-year power purchase agreement at a fixed tariff. Asahi Dengyo Corp. will provide ongoing operations and maintenance services for the solar plant.

Kumenan Solar Project is the first in Japan to introduce the global standard of non-recourse project financing with a ¥11 billion ($101.1 million) loan from The Bank of Tokyo-Mitsubishi UFJ and The Chugoku Bank Ltd. It was also GEFS’ first investment in Japan.