Banks back 71MW Japan PV plant

The Development Bank of Japan (DBJ) is teaming up with the Bank of Tokyo-Mitsubishi UFJ (BTMU) and five regional lenders to offer ¥19.5bn ($186.8m) in financing to trading firm Sojitz to build a 71MW PV plant in northeastern Japan.

Tokyo-based Sojitz expects to finish building the project on the Shimokita peninsula in Rokkasho district, Aomori prefecture, by late 2016. Upon completion, it will be one of the biggest PV plants in the country.

BTMU and the DBJ, a state-owned lender, will act as lead arrangers for the loan, which will “help to promote renewable energy in northeastern Japan", according to a DBJ statement.

Aomori Bank, Michinoku Bank, Bank of Iwate, Akita Bank and Hokuyo Bank will also participate in the deal.

In August, Sojitz announced plans to invest roughly ¥35bn in 106MW of PV at four sites across Japan. The projects include a 9MW installation near Koshimizu, on the northern island of Hokkaido, as well as two 13MW sites in Mihama, Aichi prefecture, and Nishikicho, Kumamoto prefecture.

Sojitz has already invested in two solar projects in Germany, including a 24MW site in the town of Mixdorf. The company has interests spanning the energy, automotive, aerospace and IT sectors.