Shinkin Bank, JFC Make Syndicated Loan for 2MW Solar Project
Nishi-Chugoku Shinkin Bank announced Jan 9, 2014, that it has given an about ¥560 million (approx US$5.35 million) loan in cooperation with Japan Finance Corp (JFC) as an equipment fund for a mega-solar (large-scale solar) project run by Izuharajyari (a firm based in Iwakuni City, Yamaguchi Prefecture).
The loan was made based on the wide-area business cooperation that straddles the border between the Yamaguchi and Shimane prefectures and was agreed on by the bank and JFC Oct 31, 2013. The syndicated loan consists of ¥225 million from the Iwakuni branch of the bank and ¥330 million from the Shimonoseki branch of JFC.
The mega-solar plant is located in Iwakuni City, and about 2MW of solar power generation facilities will be installed in an area of about 43,000m2. The project costs about ¥560 million in total. The plant is scheduled to start power generation in January 2014.
The goal of the business cooperation between Nishi-Chugoku Shinkin Bank and JFC is to "energize local economies and contribute to maintaining and creating jobs" in consideration of syndicated loan. This time, they made their first syndicated loan after the agreement for the mega-solar plant. To accelerate the cooperation, the two financial institutions have already exchanged the lists of their employees in charge of financing, planning to organize quarterly information exchange meetings and study sessions on a regular basis.