Gestamp Solar to build its first utility scale PV project in Japan


Gestamp Solar has this week announced that it is to build its first utility scale solar PV project in Japan, taking advantage of the favorable solar conditions created by the country's Ministry of Economy, Trade and Industry (METI).

Based in Madrid, Spain, Gestamp Solar has developed a number of large scale solar projects around the world, but this proposed 31.6 MW PV plant will be the company's first venture into Japan.

Gestamp Solar secured financing for the project, which will be located on a former golf course in the town of Daigo in Ibaraki Prefecture, via an agreement with Deutsche Bank AG in June to provide a non-recourse construction loan facility of $110 million. Gestamp Solar confirmed that it hopes to enter into future similar financing arrangements in Japan, provided this inaugural project goes ahead unimpeded.

"This is an important milestone for Gestamp Solar, as the project is one of the largest utility scale solar power plants to be developed by a foreign company in Japan," said Gestamp Solar CEO Jorge Barredo. "It is also the largest single solar project to secure non-recourse financing in Japan."

Once complete in April 2015, the 31.6 MW solar power plant will cover a total of 40 hectares and generate enough solar electricity to power 10,000 local households annually. Local utility, Tokyo Electric Power Company (TEPCO), has signed a power purchase agreement (PPA) for the energy produced.

"The support of Daigo Town, Ibaraki Prefecture, METI, TEPCO and all the other institutions involved in the project’s development has been key to this success," added Barredo.

Popular content

This content is protected by copyright and may not be reused. If you want to cooperate with us and would like to reuse some of our content, please contact:


Related content

Elsewhere on pv magazine...

Leave a Reply

Please be mindful of our community standards.

Your email address will not be published. Required fields are marked *

By submitting this form you agree to pv magazine using your data for the purposes of publishing your comment.

Your personal data will only be disclosed or otherwise transmitted to third parties for the purposes of spam filtering or if this is necessary for technical maintenance of the website. Any other transfer to third parties will not take place unless this is justified on the basis of applicable data protection regulations or if pv magazine is legally obliged to do so.

You may revoke this consent at any time with effect for the future, in which case your personal data will be deleted immediately. Otherwise, your data will be deleted if pv magazine has processed your request or the purpose of data storage is fulfilled.

Further information on data privacy can be found in our Data Protection Policy.