22 February 2017

First Solar secures loan for utility-scale solar project in Ishikawa, Japan

First Solar Inc of Tempe, AZ, USA – which makes thin-film photovoltaic modules based on cadmium telluride (CdTe) as well as providing engineering, procurement & construction (EPC) services – has obtained non-recourse project debt financing of about 27bn yen ($240m) in a syndicated loan arranged by Mizuho Bank Ltd for a utility-scale solar project in Ishikawa prefecture, Japan. First Solar says that the financing arrangement demonstrates its technology, project development, operations and maintenance, and project financing capabilities for utility-scale solar projects in Japan.

With a generation capacity of 59.5MWAC, the Ishikawa Sogo Solar Power Plant will be one of the largest mega solar projects in the Hokuriku region. Scheduled to begin operation in late 2018, it is expected to provide enough electricity to serve the needs of around 17,500 average Japanese homes (displacing about 35,000 metric tons of carbon dioxide annually).

Together with the existing construction loan of up to 4bn yen ($33m) financed by Mizuho Bank, First Solar reckons that it is well positioned to develop, construct and operate utility-scale solar projects and to provide integrated energy solutions that contribute to a safe and reliable energy mix in Japan.

Solar power is playing a significant role in Japan's renewable energy strategy, says First Solar, and the availability of project debt financing will further bolster utility-scale solar development to meet the country's unique energy needs.

Tags: First Solar Thin-film photovoltaic CdTe

Visit: www.firstsolar.com