IBC Solar to sell 37 MW of its solar pipeline in Japan

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IBC Solar, the Germany-headquartered developer of solar PV projects, has today signed a framework agreement to sell a portion of its Japanese solar PV pipeline to Spain’s BRUC Capital for a reported €90 million ($101 million).

The deal will see BRUC take on 37 MWp of IBC Solar Energy GmbH’s 37 solar project pipeline in Japan, which comprises 27 individual projects scheduled for completion over the next three years.

BRUC Capital will be joined by the Macquarie Group to help finance the transaction, which BRUC president Juan Bejar has called a "considerable step" towards realizing the investment firm’s renewable energy objectives.

IBC Solar first began developing solar PV projects in Japan in 2014, and has focused on the nation’s medium-size ground mount sector, focusing on the development of a number of 5 MW capacity installations across the country. Currently, IBC Solar has 10 MW connected, but its overall pipeline amounts to more than 60 MW, developed under the company’s subsidiary, IBC Solar Projects KK.

The deal to sell 37 MWp to BRUC includes the offloading of a 1.6 MWp plant in Japan’s Toyama prefecture, and a 500 kW plant in Gifu prefecture. Next month, construction is due commence on an additional two solar plants located in the prefectures of Saitama and Ibaraki, and comprising a total capacity of 3.5 MWp.

IBC Solar Energy GmbH CEO Jose Maria Llopis said that the Asian PV markets are becoming a key part of the company’s development strategy over the coming years. "We are developing a consistent pipeline of more than 400 MW in Japan, India and South East Asia," said the CEO. "The market conditions and requirements of these countries are quite diverse."