“The combined amount invested by Japan Post Insurance and Dai-ichi Life accounted for over half of the overall funds procured for each project, making them principal investors in those projects,” Dai-Ichi Life said in an online statement.
It said it expects “steady cash flow” from the projects over the next 20 years.
The Tokyo-based insurer has invested in several Japanese solar projects over the years. In August 2014, it lent ¥1 billion to back the completion of a 10 MW array north of Tokyo in Izumizaki, Fukushima prefecture.
In 2015, Dai-Ichi Life and its partners also jointly invested an undisclosed sum in an 8.6 MW solar project in the abandoned town of Odaka, just inside Japan’s nuclear exclusion zone in Fukushima prefecture.
And in early January of this year, the Dai-ichi Life Holdings group jumped into offshore wind finance by backing a $31 million investment in an undisclosed wind farm in Germany.