Tokyo’s Pacifico Energy is installing a solar project in Japan’s Hyogo prefecture that will generate 125 TWh of electricity per year, according to an online statement by the developer. Pacifico will sell the electricity generated on the former golf course in the city of Ako to regional utility Kansai Electric Power at a feed-in tariff rate of JPY24 ($0.21) over 20 years.
MUFG Bank arranged lending for the 102.144 MW (DC) project and Mitsubishi UFJ Morgan Stanley Securities served as financial advisor. The Tokyo office of law firm Baker McKenzie provided legal counsel on the transaction.
Pacifico Energy has committed to building 930 MW of solar capacity at 11 sites in Japan, including the Ako project. Four of those projects – representing 227 MW of capacity – are already feeding electricity into the grid. Pacifico also recently purchased 36.2 MW of operational solar capacity at two sites in Yamagata and Yamaguchi prefectures, following a JPY15.5 billion fundraising exercise finalized in early 2018.
In February 2018, the company finished building a 96.2 MW project in Miyazaki prefecture and before that it had finished work on a 56.9 MW solar array in Miyagi prefecture in 2016, as well as a 42 MW project and a 32.3 MW installation, both in Okayama prefecture. In August, Pacifico began working on a 112 MW project in Wake, Okayama prefecture, as well as a 72 MW installation in Himeji, Hyogo.
Pacifico also jumped into wind power development last year. Last month, it revealed it was moving forward with the environmental impact assessment for a wind farm off the coast of Wakayama prefecture.