April 2 (Renewables Now) – Japanese photovoltaic (PV) projects developer Renova Inc (TYO:9519) said Friday the needed financing for a 40.8-MW solar project in Iwate prefecture has been secured.
Details on the amount were not disclosed by Renova. Mizuho Bank acted as the lead manager for the project financing, extended by a number of lenders.
Covering 58 hectares (143.3 acres) in the city of Karumei, the photovoltaicc (PV) facility is expected to break ground this month with operations scheduled to commence in October 2021. Sky Solar Holdings Ltd (NASDAQ:SKYS) and NEC Capital Solutions Ltd are also part of the project. When completed, the solar power plant is to be able to generate some 47.14 million kWh of power per year, enough to meet the annual demand of 15,800 local homes.
This will be the 12th large-scale PV power station handled by Renova and the third in Iwate prefecture, the company noted.
By Lucas Morais