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 Log in to read complete article.

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