JAG to obtain $14.6m of PV loans

A unit of renewable-energy developer Japan Asia Group (JAG) plans to raise about ¥1.5bn ($14.6m) in financing to finish building roughly 4MW of utility-scale PV next month.

Shinsei Trust & Banking Co. will provide non-recourse loans to group unit JAG International Energy so it can complete three solar projects in Tochigi prefecture, north of Tokyo, and Oita prefecture, southern Japan.

Goldman Sachs will act as lead arranger, JAG said in an online statement. A JAG spokesperson told Recharge that a “domestic company” would supply PV modules for the projects, but declined to elaborate.

Tokyo-based JAG develops, builds and operates PV projects throughout Japan. It aims to install 500MW of PV in the country by 2015.

In October, it announced plans to start building a 13MW plant near Tokyo in early 2014, using Toshiba modules. And in March 2012, it agreed to work with Japanese thin-film PV manufacturer Solar Frontier on at least 100MW of projects.

It also claimed about 60MW of solar capacity by the end of 2012 in European countries such as Germany, Spain, Italy and the Czech Republic.