NRE raises $255m for Japan PV

Nippon Renewable Energy (NRE) has raised ¥26.1bn ($255m) in equity capital to fund the development of utility-scale PV projects across Japan, including 47.5MW of installations set to begin construction soon.

NRE, a Tokyo-based independent power producer, will start by building a 24MW project in northern Japan’s Aomori prefecture, as well as an 18MW installation in Hyogo prefecture, near Osaka. The first batch of plants will also include a 2.5MW site in Hiroshima prefecture and a 3MW installation in Oita prefecture.

NRE, which claims a PV development pipeline of more than 300MW in Japan, did not reveal precisely when it plans to start construction of the first four projects.

It said in a statement that it expects to follow up on those plants by building an additional 110MW of capacity in Japan throughout this year.

David Russell, CEO at Equis Funds Group, which co-led the capital raising, tells Recharge that NRE has not yet chosen a module supplier. But he added that Soleq Solar – a Southeast Asian energy producer founded by members of NRE – has frequently used Canadian Solar panels on it projects in Thailand.

Last July, Canadian Solar signed a deal to supply 91MW for plants that Soleq Solar plans to own and operate throughout Thailand.