Sonnedix, through its Japanese operator, Nippon Solar Services (NSS) has reached two key milestones in the development of the 30 MW Yamada-Cho Mega Solar photovoltaic (PV) power plant located near Miyako city, in Iwate Prefecture (Japan).
On 15 June 2016, NSS closed project financing with Shinsei Bank as a lender for a total amount of JPY 10.7 billion (US$ 104.3 million).
Additionally, NSS has contracted with Daiwa House Industry Co., Ltd to provide the Engineering, Procurement and Construction (EPC) for the construction, interconnection and commissioning of the project. The EPC contract was signed between the two parties on 31 May 2016 in Tokyo.
The plant construction is scheduled to begin in late 2016 with operations starting in early 2019, both of which will be managed by NSS.
Olivier Renon, Managing Director of NSS, commented:
“This is our first large financial closing to date in Japan with a Japanese lender and a key milestone for our company. We want to thank all the parties involved in this transaction for their continued support and commitment.”
Franck Constant, the Managing Director for Asia at Sonnedix, added:
“Shinsei Bank is known as a leader in the financing of renewable energy projects in Japan, with excellent experience and knowledge in this market. We’re very pleased and honoured to see the confidence and growing relationship with Shinsei Bank.”
Takatoshi Hibino, General Manager of Shinsei Bank’s Project Finance Division stated:
“As arranger and lender, we’re delighted to take part in the financing of the Project and find it a privilege to work beside NSS and Sonnedix. Acknowledging the growth potential in mega solar development within the renewable energy field, we have and continue to proactively arrange domestic PV project financing. We’re very pleased to collaborate with NSS and Sonnedix, and look forward in the development of our relationship together with our respective businesses in Japan”.
Commenting on these milestones, Andreas Mustad, CEO of Sonnedix said:
“I’m incredibly pleased with the progress that NSS is making on the development of projects in Japan. I’m equally as proud of the strong partnerships they are building with such reputable Japanese companies to finance, build and operate our pipeline of mega solar plants. I look forward to seeing these partnerships flourish as we make further long-term investments in the Japan market”.