The project, to be built in Gujarat state, will cost about 20-30bn yen ($214m-$321m), The Nikkei newspaper says.
Mizuho signed a deal with Gujarat authorities in January and plans to sell the electricity generated to the state utility.
Gujarat has installed almost 700MW of PV power capacity and has a target to reach 3GW by the end of 2015.
Mizuho has backed a number of solar projects in Japan and overseas.
