GE Backing Japan Solar Farm in $1 Billion Renewable-Power Push

(Bloomberg) — General Electric Co. agreed to invest in a
42-megawatt solar project in Japan, its third in the country
this year.

The solar farm in Futtsu City, about 67 kilometers (42
miles) southeast of Tokyo, is also backed by the Japanese
renewable-energy developer Green Power Investment Corp. and four
banks led by Bank of Tokyo Mitsubishi UFJ, according to a
statement Tuesday from Fairfield, Connecticut-based GE that
didn’t disclose the size of the investment.

GE’s Energy Financial Services unit has committed $1.9
billion to support almost 2 gigawatts of solar projects
worldwide and intends to invest about $1 billion annually in
renewable-energy projects, according to the statement.

The solar farm is expected to begin producing power in
January. Green Power is managing construction using panels from
Kyocera Corp. Tokyo Electric Power Co. has agreed to buy the
plant’s output under a 20-year contract as part of the nation’s
feed-in tariff plan that guarantees above-market rates for solar
power.

To contact the reporter on this story:
Justin Doom in New York at
jdoom1@bloomberg.net

To contact the editors responsible for this story:
Reed Landberg at
landberg@bloomberg.net
Will Wade, Robin Saponar

About BloombergNEF

BloombergNEF (BNEF), Bloomberg’s primary research service, covers clean energy, advanced transport, digital industry, innovative materials and commodities. We help corporate strategy, finance and policy professionals navigate change and generate opportunities.

Available online, on mobile and on the Terminal, BNEF is powered by Bloomberg’s global network of 19,000 employees in 176 locations, reporting 5,000 news stories a day.
 
Sign up for our free weekly newsletter →

Want to learn how we help our clients put it all together? Contact us