Trina Solar Limited, specialized in photovoltaic (PV) modules, solutions, and services, has partnered with GE Energy Financial Services (GE EFS) to invest in a 14 MW solar project in Ishinomaki, Miyagi Prefecture, Japan.
As part of the partnership, GE EFS will hold an 85% equity interest in the Project, acquired from Trina Solar under the terms of the Membership Interests Purchase Agreement. Both companies will make capital contributions to the project on a pro rata basis in accordance with their respective interests. Moreover, a management committee, consisting of two representatives appointed by each company, will be established to manage the day-to-day business of the Project. Trina Solar Japan Energy, a wholly-owned subsidiary of Trina Solar, has been contracted to develop the project and for engineering, procurement, and construction management (EPCM).
Equipped with Trina Solar modules, the project will begin construction at the end of April and is expected to reach commercial operation by June of next year. The clean electricity generated by the project, which is sufficient to serve the needs of more than 4,400 Japanese households, will be sold to regional utility Tohoku Electric Power Co. under a 20-year feed-in-tariff contract at the rate of JPY36.0 per kWh.