Toho Bank et al Give Loan of 5 Bln Yen for 13MW Solar Project in Fukushima
Toshiba's solar panel, TMEIC's PV inverter
The Toho Bank Ltd announced that it has structured a syndicated loan of ¥4.9796 billion (approx US$43.8 million) for the project financing of an 11.5MW solar power plant to be built in Naraha-machi, Fukushima Prefecture, Japan.
The company carried out the first round of the financing Oct 31, 2016.
The construction site of the mega (large-scale) solar power plant, "Namikura Mega Solar Power Plant," is a former agricultural land in Namikura District, Naraha-machi (town).
The land was damaged by salt and contaminated by radioactive materials due to the tsunami caused by the Great East Japan Earthquake and the subsequent nuclear accident, making it difficult to continue the agriculture there. It can now be used for the solar power generation business because of the conversion of land category.
A ground-breaking ceremony for the plant took place in March 2016, and the plant is scheduled to start operations in November 2017.
The power producer of the plant is Narahashindenryoku LLC (Naraha-machi), which is an SPC (special purpose company). Naraha-machi contributed ¥270 million to Naraha Mirai (general incorporated association). And Naraha Mirai and Toshiba Corp invested in the SPC. The association is an "urban development company" established by Naraha-machi. TSM Asset Management Co Ltd participates in the project as an asset manager.
Toshiba provides EPC (engineering, procurement and construction) services for the plant. The solar panel and PV inverter employed for the plant are a 270W monocrystalline silicon panel of Toshiba and a PV inverter of Toshiba Mitsubishi-Electric Industrial Systems Corp (TMEIC), respectively. The total capacity of solar panels installed at the plant will be 13.792MW, and the plant will transmit 11.5MW of electricity to a power grid.
The plant will be connected to the power transmission line of Fukushima Daini Nuclear Power Plant of Tokyo Electric Power Company Holdings Inc (TEPCO). All the electricity generated at Namikura Mega Solar Power Plant will be sold to TEPCO at a price of ¥32/kWh (excluding tax).