The Futtsu solar PV farm, developed by Pattern Energy Group LP (Pattern Development) and Green Power Investment Corporation, is one of the largest solar projects serving the residents of Tokyo. GE Energy Financial Services currently maintains an ownership stake in the project, and additional financing was provided by a syndicate of four banks led by The Bank of Tokyo Mitsubishi UFJ, the developers announced in a press release.
Futtsu Solar is our first project in Japan to reach commercial operation following our investment and partnership with GPI, said Mike Garland, president and CEO of Pattern Development.
The solar plant with 42 MW capacity will be supplying power to the Tokyo Electric Power Company power grid, which has a 20-years PPA for 100% of the output from the plant. Solar modules for the project have been supplied by Kyocera Corporation, which will also provide ongoing operation and maintenance services.
Another 44.8 MW utility-scale solar plant in Oita province, developed by ITOCHU Co. in partnership with Kyudenko and Mitsui Engineering & Shipbuilding, was successfully connected to the grid on Friday last week. The new PV farm is expected to generate 52.5 GW/h annually, enough to power about 9,300 regular Japanese households. Kyushu Electric Power utility, which provides power to seven prefectures in Japan, has a 20-years PPA for the generated electricity.
Last week, Japans Ministry of Economy, Trade and Industry confirmed the reduction of FIT rates by 11% from April 1.