SunEdison, the world’s largest renewable energy development company, today announced that it has secured non-recourse project financing from Japan-based Shinsei Bank for its Tarumizu project, a 9.6 megawatt utility scale solar photovoltaic power plant being built in Japan.
Shinsei Bank will be lending SunEdison 80% of the total project cost for the 9.6 megawatt project. The financing agreement was signed in January and the first drawdown occurred on February 24th.
The Tarumizu project is one of the first utility scale solar projects built by a US company in Japan to receive non-recourse funding from a leading Japanese bank.
The electricity will be used to power some 3,000 households on the southern Japanese island of Kyushu, contributing to Japan’s renewable energy industry and to the electrification of rural Japan.
The project is expected to achieve commercial operation in September of 2015.
Source: SunEdison Secures Non-Recourse Financing For First Utility Solar Project In Japan Press Release by SunEdison. Image Credit: SunEdison.