Solar Frontier announced today that it will sell its 2 MW Kunitomi Megasolar power plant in Miyazaki, Japan, to a trust account managed by Mitsubishi UFJ Trust and Banking Corporation (MUTB). The agreement was signed on February 24 2015, and will include the transfer of all related facilities, contractual positions, rights, and obligations. Kunitomi Megasolar, which started operating in March 2013, was the first megasolar power plant owned and operated by Solar Frontier.
Solar Frontier provides one-stop solar energy solutions in Japan, from manufacturing and selling CIS thin-film PV modules to project development, funding and O&M (operation and maintenance). Solar Frontier also builds, operates and sells megasolar power plants in Japan. As part of this business model, it sells electricity as an IPP (independent power producer) with the option to sell completed power plants to investors that wish to avoid construction-related risks.
Following this transaction, Solar Frontier will continue to be involved in the operation of Kunitomi Megasolar as the projects O&M provider. The agreement reflects MUTBs high regard for Solar Frontiers O&M capabilities, as well as the high economic viability of Kunitomi Megasolar, based on the higher real-world output of CIS thin-film modules.
Solar Frontier will utilize the know-how it has gained by developing and operating the Kunitomi Megasolar power plant as it continues to advance its megasolar business through projects in Japan and overseas.
Project Outline
Name: Solar Frontier Kunitomi Megasolar
Operator: Solar Frontier
Location: Oaza Kiwaki, Kunitomi-cho, Miyazaki Prefecture
Output: DC2.32 MW / AC 1.996MW
Start-up date: March 2013
