Itochu Corp announced July 15, 2014, that it will build a 44.8MW solar power plant in Oita City, Oita Prefecture, Japan.
For the project, Itochu will establish a special purpose company (SPC) with Kyudenko Corp and Mitsui Engineering & Shipbuilding (MES) Co Ltd. The mega (large-scale) solar power plant will be built on 460,000m2 of idled land located in the property of MES' Oita Office in the city.
The investment ratios of Itochu, Kyudenko and MES are 50%, 30% and 20%, respectively. The total project cost is ¥15 billion (approx US$148 million). The SPC will take a loan from a group of banks (managing bank: Mizuho Bank Ltd) through a project finance scheme.
Itochu will start the construction of the plant in August 2014, aiming to complete it in March 2016. The amount of electricity generated at the plant is expected to be 52,500,110kWh per year, which is equivalent to the amount consumed by about 9,300 households. All the electricity will be sold to Kyushu Electric Power Co Inc.
The solar panel and PV inverter employed for the plant are products of Toshiba Corp and Toshiba Mitsubishi-Electric Industrial Systems Corp (TMEIC), respectively. MES will provide EPC (engineering, procurement and construction) services.