GE Energy Financial Services announced June 9, 2014, that it has decided to invest in a 32MW solar power plant to be built in Kumenan-chou, Okayama Prefecture, Japan.
Pacifico Energy K K (Minato Ward, Tokyo), a 100% subsidiary of US-based Jamison Group, will run the mega (large-scale) solar power plant. Through a non-recourse project finance loan, the plant received a total of ¥11 billion (approx US$108 million) from The Bank of Tokyo-Mitsubishi UFJ Ltd and The Chugoku Bank Ltd.
The construction of the plant has already been started, and the plant is scheduled to start operations in the first quarter of 2016. Toyo Engineering Corp is constructing the plant, and China-based Yingli Solar provides solar panels. The supplier of PV inverters has not been disclosed.
GE Energy Financial Services has already announced a plan to invest US$1 billion or more per year on a global basis in the field of renewable energies. And the investment in the 32MW solar power plant is part of the efforts. The company has so far invested a total of US$18 billion in 1GW of solar power generation facilities.
GE Energy Financial Services is also considering investing in one of the largest solar power generation projects in Japan. The project is taking place on the site of the former Kinkai salt field in Setouchi City, Okayama Prefecture.
In addition to the 32MW plant, Pacifico Energy plans to start the constructions of three mega solar plants: a 41MW plant in Mimasaka City, Okayama Prefecture, 91MW plant in Miyazaki City, Miyazaki Prefecture, and 50MW plant in Osaki City, Miyagi Prefecture. The total capacity of the four plants will be about 200MW.