- Etrion Corporation has raised JPY 16 billion ($146 million) through green bond arranged by Goldman Sachs for its 45 MW Niigata Solar Project in Japan
- Out of total project cost of $154.2 million, Etrion is putting in $7.7 million equity
- JinkoSolar’s Japanese subsidiary has also managed to upsize its syndicated loan amount for solar business in the country to JPY 6.7 billion ($61.8 million), increasing from JPY 5.3 billion ($49 million) arranged last year
- Renova of Japan has completed and commissioned a 48 MW solar power plant in Iwate Prefecture
Etrion Corporation has raised JPY 16 billion ($146 million) as a green bond to finance its 45 MW Niigata Solar Power Project in Japan’s Niigata Prefecture with the help of Goldman Sachs Japan Co. The project will take the Japanese independent power producer’s total capacity in Japan to over 100 MW. Total project cost is $154.2 million.
Etrion is shelling out $7.7 million as total equity for the project that has Toyo Engineering as the EPC services provider. It is expected to come online by Q4/2021. On completion the project will sell clean power to Tohoku Electric Power Co. for a period of 18 years and will be eligible for JPY 36 ($0.33) per kWh feed-in-tariff (FIT).
For this project, Etrion secured a forest development permit in April 2019 (see Etrion Gets Green Signal For 45 MW Solar Project).
Jinko syndicated loan in Japan
In another big financing news from Japan, Chinese solar power company JinkoSolar Holding Co., Ltd. has managed to increase a syndicated loan amount it secured in June 2018 to JPY 6.7 billion ($61.8 million) from the previous figure of JPY 5.3 billion ($49 million) for its solar business in Japan arranged in 2018 (see JinkoSolar’s Japan Plans Get Financial Backing). The loan will be used by its subsidiary JinkoSolar Japan K.K. to expand its business in Japan and supplement working capital.
The company signed the upsized syndicated loan agreement with a bank consortium led by Sumitomo Mitsui Banking Corporation (SMBC).
“Upsizing our syndicated loan agreement is a vote of confidence by the bank consortium in our future business prospects and long-term growth trajectory, as well as the recognition of Jinko’s financial health and operation compliance” said Charlie Cao, JinkoSolar’s Chief Financial Officer.
48 MW solar project commissioned in Japan’s Iwate
Japanese solar power company Renova Inc. has commissioned a 48 MW solar power plant in Iwate Prefecture of Japan. The Karumai West Solar Power Station is the company’s 11th operational renewable energy project in the country. It is expected to generate about 50 million kWh of clean power annually and qualifies for a feed-in-tariff (FIT) of approximately JPY 36 ($0.33) per kWh.
The 48 MW project takes the company’s total renewable energy power generation capacity to 252.5 MW with another 271.4 MW under construction.