Trina Solar has joined hands with GE Energy Financial Services to invest in a 14 MW solar project in Ishinomaki, Miyagi Prefecture, Japan.
GE EFS will buy 85 percent equity interest in the solar power project from Trina Solar. Trina Solar Japan Energy, a wholly-owned subsidiary of Trina Solar, will be developing the solar project under a engineering, procurement, and construction management (EPCM) contract.
Trina Solar will supply modules for the solar project that will begin construction at the end of April and in a bid to reach commercial operation by June 2016. The solar project is expected to create clean electricity which is sufficient to serve the needs of more than 4,400 Japanese households. The green energy will be sold to regional utility Tohoku Electric Power under a 20-year feed-in-tariff contract at the rate of JPY36.0 per kWh.
“Trina Solar is an experienced global developer and we are proud to work with them to bring this exciting project in Miyagi, Japanto fruition and to continue to expand our footprint in Asia,” said Sushil Verma, managing director and head of Asia Pacific at GE Energy Financial Services.
Japan aims to achieve its goal of generating 20 percent of its power from renewable sources by 2030. GE Energy Financial Services has invested in six solar power projects since entering the country in 2014, of which three have already achieved commercial operation in 2016.
David You, president of the International PV System Business Unit (ISBU) at Trina Solar, said: “Japan remains one of our main target markets where the share of solar in the energy mix is expected to further increase.”