First Solar, Inc. has announced that it has obtained non-recourse project debt financing of approximately JPY27 billion (US$240 million) in a syndicated loan arranged by Mizuho Bank Ltd. for a utility-scale solar project in Ishikawa prefecture, Japan.
The Ishikawa Sogo Solar Power Plant, with a generation capacity of 59.5 megawatt (MW)AC, will be one of the largest mega solar projects in the Hokuriku region. Once complete, it is expected to provide enough energy to serve the needs of around 17,500 average Japanese homes, displacing approximately 35,000 metric tons of carbon dioxide per year.
Together with the existing construction loan of up to JPY4 billion (US$33 million) financed by Mizuho Bank in Japan, First Solar is well positioned to develop, construct and operate various utility-scale solar projects, and provide integrated energy solutions in Japan.
The Ishikawa Sogo Solar Power Plant is scheduled to commence operation in late 2018.