Ichigo Group Holdings completes 43 MW solar project in Japan

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Ichigo Group Holdings completes 43 MW solar project in Japan

Ichigo Group Holdings has officially completed the 43-MW Ichigo Showamura Ogose ECO Power Plant, a solar power plant located in Gunma Prefecture, Japan's Honshu Island.

The solar plant, which spread over an area of 850,000 m^2 in Showamura town, is the largest located in the Kanto region. The new facilities are composed of 165,000 photovoltaic (PV) panels and generate about 50,000 kWh per year.

In late September Hitachi was selected as the engineer and construction (EPC) contractor for the project. Also in late September it was announced that the project achieved financial closure through a JPY12.38 billion (US$103.4 million) loan. The financiers were Sumitomo Mitsui Banking Corporation, with Mizuho Bank as joint arranger, Shinsei Bank as co-arranger, and Gunma Bank as syndicate member.

The Japanese real estate investor Ichigo Group Holdings said that post-operation in 2017, the plant is expected to generate on-going annual electricity revenues for Ichigo of JPY1.9 billion, which will be reflected in Ichigo’s consolidated earnings forecasts beginning in the fiscal year ending February 2018.

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