Orix to invest $874m in 550MW of PV in Japan through early 2018 — reports

Financial services provider Orix plans to invest more than ¥100bn ($874m) in the construction of 550MW of PV capacity in Japan by early 2018, according to local reports.

The Tokyo-based firm will build rooftop and utility-scale projects, primarily in Niigata, Nara and Yamaguchi prefectures, The Nikkei newspaper reported, without identifying its sources.

The planned investment will bring the company’s total installed PV capacity to roughly 900MW within the next two years, Bloomberg reported, citing company sources. 

Orix has rapidly moved into renewable-energy project investment since the introduction of Japan’s feed-in tariff (FIT) system in July 2012.

In December, it began operating a 45.6MW (DC) solar project on the northern Japanese island of Hokkaido, in cooperation with Sharp.

In August, Orix revealed plans to build 25MW of solar capacity at four sites in western Japan’s Yamaguchi prefecture.

And last May, it announced its first foray into wind-power investment, with the purchase of a one-third stake in a 100MW project that a unit of telecoms giant SoftBank is developing off the Japanese port of Kashima, Ibaraki prefecture.