General Electric Co. (GE) has announced it is to invest in a 42 MW solar PV farm in Japan as part of the industrial conglomerates $1 billion-a-year renewable energy pledge.
The global company, which has already backed 2 GW of solar PV projects around the world to the tune of $1.9 billion, will part-invest in the solar farm at Futtsu City, some 42 miles from Japanese capital Tokyo, alongside four banks led by Bank of Tokyo Mitsubishi, and Green Power Investment Corp., a Japanese developer of clean energy projects.
GE has not at this time disclosed the size of its investment, but the PV plant is expected to be online and producing solar energy by January 2016. Green Power will act as EPC for the project, with Japans Kyocera providing the solar panels and utility Tokyo Electric Power Co. signing a 20-year contract under Japans FIT.
The project marks GEs third solar PV investment in Japan already this year. In April, the energy financing arm of the company, GE Energy Financial, partnered with Pacifico Energy on the development of a 96.2 MW solar PV plant in the country, adding to a growing portfolio that includes the 230 MW Setouchi City solar park and the PV plants Kumenan and Mimasaka Musashi.