Mitsui unit to develop 25MW of PV

A subsidiary of Mitsui will work with Tokio Marine Asset Management to jointly set up a ¥7.7bn ($75.4m) investment fund this month to facilitate the development of 25MW of PV at eight locations throughout Japan.

Mitsui & Co. Plant Systems will develop the projects — spanning all four of Japan’s main islands — one after another between March 2015 and March 2016.

It did not reveal PV module suppliers for the plan.

On the main island of Honshu, the planned projects include a 7.2MW site in Hokuto, Yamanashi prefecture, a 3.6MW array in Yamaguchi, Yamaguchi prefecture, and a 2.1MW installation in Numazu, Shizuoka prefecture.

On the island of Kyushu, in southwestern Japan, it will build a 1.4MW array in the city of Kumamoto and a 2.3MW solar plant in the town of Nagomi, both of which are located in Kumamoto prefecture.

Mitsui & Co. Plant Systems will develop 2.8MW and 2.9MW arrays in the city of Matsuyama, Ehime prefecture, on the island of Shikoku.

And on the northern island of Hokkaido, it will also construct a 1.8MW array in the town of Atsuma.

Upon completion, several undisclosed companies affiliated with Mitsui & Co. Plant Systems will run the projects.

Tokio Marine will then offer institutional entities the opportunity to invest in the joint fund, which will take ownership of the solar plants.

Mitsui & Co. Plant Systems and Tokio Marine have already established two similar investment funds together.