Tokyu Land jumps into Japan PV

Tokyu Land and Daiichi Life Insurance will invest an undisclosed sum to develop a 10MW PV installation in western Japan.

The project, which will be Tokyo-based Tokyu Land’s first foray into the power-generation business, will be built on a golf course on the island of Shikoku in Mitoyo, Kagawa prefecture.

The company, a unit of real estate giant Tokyu Fudosan Holdings, did not reveal a PV module supplier for the project, which is scheduled for completion by August 2015.

A wide range of new entrants have stormed into Japan’s booming PV sector since the country introduced a feed-in tariff (FIT) for clean-energy projects in July 2012.

For example, conglomerate Orix revealed plans last summer to enter the solar business by investing ¥54bn ($680m) to develop 200MW of capacity in Japan over the next three years.

And last August, restaurant chain Watami unveiled plans to enter the PV market for the first time by investing ¥4.5bn to build a 15MW utility-scale PV plant on the northern island of Hokkaido.

Japan’s current FIT for the year to March 2015 is ¥32 ($0.31) per kWh for large-scale PV projects.