GE Energy Financial Services & Virginia Solar Group Commission Pacifico Energy Kumenan Mega Solar Plant in Okayama Prefecture...
May 16 2016 - 8:00AM
Business Wire
GE Unit (NYSE:GE), GE Energy Financial Services and Virginia
Solar Group have commenced commercial operations on its jointly
owned 32-megawatt Pacifico Energy Kumenan Mega Solar Project
(“Kumenan Solar Project”), located in the Okayama prefecture of
Japan. As one of largest solar power plants in the prefecture and
in Japan’s Chugoku region, Kumenan Solar Project has been operating
with enough power to meet the demands of 11,000 Japanese households
since March 2016 when it was formally commissioned.
The asset manager of Kumenan Solar Project is Pacifico Energy
K.K.
Engineering, procurement and construction of Kumenan Solar
Project has been carried out by Tokyo-based Toyo Engineering
Corporation and was completed one month ahead of schedule. The
project was specially designed and constructed on mountainous
terrain to leverage accessible slopes, which help maximize power
output and cost efficiencies.
Kumenan Solar Project sells its power to Chugoku Electric
Company, the local utility in the Chugoku area of Japan, through a
20–year power purchase agreement at a fixed tariff. Okayama-based
Asahi Dengyo Corporation will provide ongoing operations and
maintenance services for the solar plant.
Kumenan Solar Project was the first project in the country to
introduce the global standard of non-recourse project financing
with a JPY ¥11 billion loan from The Bank of Tokyo–Mitsubishi UFJ
and The Chugoku Bank Ltd. It was also GE Energy Financial Services’
first investment in Japan.
“We are pleased to see our first ever investment in Japan come
to life and start generating clean power that helps the country
meet its renewables energy targets,” said Sushil Verma, Managing
Director and Head of Asia Pacific at GE Energy Financial
Services.
“This 32-megawatt project has been a great first step for us. We
challenged the design, procurement, construction, and finance to
optimize the project and increase its viability as a sustainable
energy source in the Japanese solar market.” said Kazuomi Kaneto,
representative director of Pacifico Energy Kumenan G.K.
Kumenan Solar Project marks the first solar plant in Japan that
GE Energy Financial Services and Virginia Solar Group have led to
commercial operation. Together they have invested in two other
projects in the country, which are currently under construction;
Mimasaka Musashi (42-megawatt) and Hosoe (96-megawatt) are
scheduled to begin operating in the second half of 2016 and first
half of 2018, respectively.
Note to Editors:
View a photo of the 32-MW Kumenan Mega Solar project in Okayama
prefecture, JapanSee an infographic depicting GE Energy Financial
Services’ “Japan Solar Footprint”
About Pacifico Energy K.K.
Founded in 2012 to help meet Japan’s domestic energy needs,
Pacifico Energy is a Japanese power plant development company
focused on solar photovoltaic projects. Pacifico Energy covers all
aspects of solar power plant development, including permitting,
design, financing, construction, and asset management. Based in
Tokyo, Pacifico Energy’s strength is in its team and investment
partners consisting of professionals with deep solar industry and
energy experience. For more information, please see:
www.pacificoenergy.jp
About Virginia Solar Group
Virginia Solar Group is an affiliate of the Jamieson Group, a
California based oil & gas/real estate enterprise with annual
revenues of over USD $800 million. Currently Virginia Solar Group
has 32MW in operation, 195MW under construction and over 400MW
under development.
About GE Energy Financial Services
A strategic GE Capital business, GE Energy Financial Services is
a global energy investor that provides financial solutions that
help meet the world’s energy needs. Drawing on its technical
know-how, financial strength and strong risk management, GE Energy
Financial Services invests in long-lived and capital intensive
projects and companies. The firm has 35+ years of experience
managing energy assets through multiple economic cycles, and a
global portfolio that spans conventional and renewable power, and
oil and gas infrastructure projects.
GE Energy Financial Services is part of the GE Store and is able
to provide unique customer value by leveraging GE’s industrial
energy heritage and strong technology footprint to offer access to
capital and expertise. It is headquartered in Stamford, CT with
regional hubs in London, Houston, Hong Kong and Nairobi. More
information: www.geenergyfinancialservices.com; Twitter
@GEEnergyFinServ.
About GE
GE (NYSE:GE) is the world’s Digital Industrial Company,
transforming industry with software-defined machines and solutions
that are connected, responsive and predictive. GE is organized
around a global exchange of knowledge, the "GE Store," through
which each business shares and accesses the same technology,
markets, structure and intellect. Each invention further fuels
innovation and application across our industrial sectors. With
people, services, technology and scale, GE delivers better outcomes
for customers by speaking the language of industry. www.ge.com
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version on businesswire.com: http://www.businesswire.com/news/home/20160516005413/en/
Media:GE Energy Financial ServicesJaclyn Cole,
203-961-2934Jaclyn.Cole@ge.comorJapan Inquiries:Pacifico
EnergyHio Cho, +81 3 4540 7837hcho@pacificoenergy.jp
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