First Solar secures financing for 59.5 MW in Japan

Upon completion in late 2018, the Ishikawa Sogo project is expected to meet the annual electricity needs of roughly 17,500 homes.

“The availability of project debt financing will further bolster utility-scale solar development to meet the unique energy needs in Japan,” said Arizona-based First Solar.

First Solar claims the non-recourse project debt financing arrangement underscores its expertise with the development, operation and maintenance of utility-scale PV plants in the country.

In late 2015, the the thin-film manufacturer — which reported disappointing revenue of $480 million in the fourth quarter — secured a a low interest, ¥4 billion construction loan facility from Mizuho.

The Japanese financial group has played a key role in financing projects in Japan over the years, most notably with Kyocera’s 70 MW Nanatsujima plant in Kagoshima prefecture, which went online in late 2013.