GE Energy Financial Services and Virginia Solar Group subsidiary Pacifico Energy have partnered for a third time to construct a solar power project in Japan. GE Energy Financial Services and Virginia Solar Group will jointly invest equity in a 96.2-megawatt (DC) photovoltaic solar plant, with GE Energy Financial Services’ commitment totaling ¥7.5 billion ($62.5 million).
Construction of the plant is underway in Hosoe on Kyushu Island, in the prefecture of Miyazaki. A ¥35 billion term loan facility with a 22-year tenor – led by The Bank of Tokyo Mitsubishi UFJ, Ltd. as the sole and exclusive mandated lead arranger – was provided on a non–recourse project finance basis with a syndicate of 12 Japanese financial institutions. Additional transaction details have not been disclosed.
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. Hosoe is the fourth Japan solar project in which GE Energy Financial Services has invested since May 2014.