JAG to obtain $14.6m of PV loans

Japan Asia Group (JAG) will secure ¥1.5bn of non-recourse loans to finish about 4MW of PV next month

Japan Asia Group (JAG) will secure ¥1.5bn of non-recourse loans to finish about 4MW of PV next month

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.

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