The industrial giant also provided transformers, recombiners and ring main units for the Hosoe project, which was developed by Japan-based developer, Pacifico Energy near the prefectural capital of Miyazaki, on the island of Kyushu.
GE put the components together in advance on skids to expedite installation and has signed a long-term agreement to service the now-operational plant over a 20-year period, according to an emailed statement. The Hosoe solar array is expected to generate enough electricity to cater to the needs of as many as 30,000 homes per year.
“Our experience in utility-scale solar projects has enabled us to complete the commissioning two months ahead of schedule,” said Patrick Fetzer, CEO Solar, GE’s Power Conversion business.
GE Energy Financial Services facilitated financing for the Hosoe project. The group unit was a pioneer in arranging non-recourse financing in Japan's solar market. In September 2014, it finalized one of the first such deals in the country, by working with local lenders to close financing on a massive 235 MW solar project in Setouchu, Okayama prefecture. The installation is scheduled for completion next year.
Pacifico Energy has developed a number of large PV projects in Japan since the government kick-started the industry's development in 2012 with the introduction of a feed-in tariff scheme. Last December, it finished building a 56.9 MW solar project in Miyagi prefecture, northeastern Japan.
And in February, it raised JPY 15.5 billion for its first solar investment fund. It is using it to back the acquisition of five PV projects in Japan, with a combined capacity of more than 100 MW. Mitsubishi UFJ Morgan Stanley Securities served as financial adviser, while Baker McKenzie provided legal counsel.
The Tokyo-based developer is also building several new solar projects throughout the country. Ongoing developments include a 257.7 MW installation in Okayama prefecture, a 42.3 MW array in Fukushima prefecture, a 62.1 MW plant in Aichi prefecture, and a 54.8 MW
site in Gifu prefecture. It also claims to have an additional 300 MW of unspecified PV capacity in various stages of development.
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