- Canadian Solar has started construction on 143 MW solar PV capacity in Japan
- It comprises the company’s largest solar project to date in the country with 100 MW capacity
- It will be built in Fukushima prefecture on an abandoned, non-productive farmland
- The company has also managed to raise JPY 8.1 billion for 43 MW in Ibaraki and Hiroshima prefectures through issuance of Green Project Bonds
Construction has commenced for 143 MW solar PV capacity of Canadian Solar Inc., in Japan, to be realized in the form of a project with 100 MW capacity and other projects with a combined capacity of 43 MW.
The 100 MW Azuma Kofuji Solar Project is the company’s ‘flagship mega-project’ since it is Canadian Solar’s largest project in Japan to date, and among one of the largest projects in the country. It will be located in nuclear accident impacted Fukushima prefecture, on an abandoned, non-productive farmland. Canadian Solar will deploy its high efficiency HiKu solar modules for the project.
Germany’s juwi through its joint venture with Japanese wind and solar parks developer Shizen Energy, Juwi Shizen Energy has started construction on site for the same. The project will be built on 186-hectare space in Fukushima prefecture with spring 2023 targeted as the completion date. It is expected to generate around 110 million kWh of clean energy annually. The joint venture has already commissioned a 54 MW solar park on the site of a former golf course in Tochigi prefecture.
Canadian Solar has secured financing from Nomura Capital Investment Co., Ltd. with a construction debt of JPY 24.5 billion ($230 million).
“We now have over 450 MW of utility-scale projects that are operational or under construction, and two partnership platforms in Canadian Solar Infrastructure Fund and Japan Green Infrastructure Fund,” said Canadian Solar’s Chairman and CEO Dr. Shawn Qu.
For the remaining 43 MW capacity in Ibaraki and Hiroshima prefectures, Canadian Solar said it has received JPY 8.1 billion ($75 million) through the issuance of Green Project Bonds to Japanese bond investors. It has partnered with Goldman Sachs Japan Co., Ltd. for the same.
In February 2021, Canadian Solar raised JPY 22 Billion for its Japan Green Infrastructure Fund along with its partner Macquarie Group to build and accumulate new solar projects in the country (see Canadian Solar & Macquarie To Fund Japanese Projects).