Its partner and EPC contractor, Hitachi High-Technologies, finished building the array according to schedule and on budget, they said in an online statement.
The electricity will be sold to regional utility Tohoku Electric Power at a feed-in tariff (FIT) rate of ¥40 ($0.38)/kWh over a period of 20 years. The installation is expected to generate roughly 25.6 GWh of electricity per year, or enough to cater to the needs of about 7,300 homes.
Etrion has taken an 87% stake in the project, while Hitachi High-Tech holds the remaining equity interest. Sumitomo Mitsui Trust Bank provided construction financing and an 18-year loan facility, the latter of which was broadly similar to a standard project finance arrangement. The Shizukuishi project is the third PV array that the three companies have collaborated on in Japan.
Etrion has already completed a 9.3 MW installation in Mito, Ibaraki prefecture. And in June, it announced that it had reached financial close on a 9.5 MW array it is currently building in Aomori prefecture.
Geneva-based Etrion claims a development pipeline of 200 MW in Japan, with an additional 66 MW under construction at present. The company listed in Toronto and Stockholm revealed in September that it had selected Greenhill & Co. International to advise on the potential sale of a 60MW solar project it owns in Italy.
It reported a net profit of $1.4 million in the second quarter.