First Solar, Inc. has announced today that has signed a syndicated development loan facility agreement of approximately JPY7 billion (US$64 million) with Mizuho Bank Ltd.
This financing package will be used for the development of its utility-scale solar project pipeline in Japan using First Solar modules. As we reported in early February, Mizuho Bank agreed to provide First Solar with JPY27 billion of non-recourse project debt financing for 59.5 MW of PV capacity in Ishikawa prefecture, Japan.
This financing represents the first syndicated solar project development loan facility arranged and participated in by Mizuho Bank, and it is the third loan facility First Solar has secured with Mizuho Bank. In February,it agreed to provide First Solar with JPY 27 billion of non-recourse project debt financing for 59.5 MW of PV capacity in Ishikawa prefecture, Japan.
This financing arrangement will facilitate utility-scale solar projects that will utilize First Solar's next generation Series 6 technology, confirming the performance and reliability advantages inherent to First Solar's technology in Japan.