Ise Total Nanao Power Plant G.K., ISE Group, Total (CAC: TOTF.PA) and SunPower Corporation (Nasdaq: SPWR), today announced the construction start of a 27-megawatt-peak* (MWp) photovoltaic (PV) solar power plant in Nanao, Ishikawa Prefecture, on Honshu Island in Japan.The Nanao PV project is jointly managed by ISE Group, which will own 50 percent of the project, while Total and its affiliate SunPower Corporation will equally share the remaining 50 percent equity portion. It will be financed through non-recourse project debt arranged by Sumitomo Mitsui Banking Corporation (SMBC), the mandated lead arranger for the project.
Construction of the Nanao PV power plant has just begun, with commercial operations planned in the first quarter of 2017. Over the first 20 years of operation, the power plant is expected to produce approximately 29 gigawatt-hours (GWh) of power annually, which is enough to serve the needs of more than 8,900 Japanese households in the region.Constructed on 25 hectares land owned by ISE Group, a major egg producer based in Japan with operations around the world, the facility will connect to the regional power infrastructure and deliver affordable, clean and reliable energy to the community through a local electricity utility company.
“Ise Group is pleased to launch construction of one of the largest PV plants in the Hokuriku region,” said Hikonobu Ise, Chairman of the Ise Group. “As a company which has been providing eggs to customers across the nation for more than 100 years, we are now able to contribute to the region by providing clean electricity through photovoltaic projects using our lands. With the success of this 10-billion Japanese yen-sized project with Total, the largest energy company in France, and SunPower, Total’s US-based solar technology and energy services affiliate, we will continue to aggressively develop PV business not only in other regions in Japan but also in other South Eastern Asian countries.”
“Total is honored to launch this solar project in Japan in partnership with ISE Group. We welcome Mr. Hikonobu Ise’s vision and commitment to develop renewable energies in the country,” said Bernard Clement, Total Senior Vice-President, Business & Operations, New Energies. “Total has been present in Japan since 1957 and remains very committed to the country. As a world leader in the solar industry, we are pleased to assist Japan in its objective to raise the proportion of electricity from renewables to 20 percent by 2030. The Nanao project illustrates the advantage of the high efficiency solar technology developed by our affiliate SunPower Corporation. Maximizing the electricity output is key in the Japanese market given the local irradiation and the complex topography of the country. We look forward to further developing our solar activities in Japan and throughout the Asia region.”
Nanao PV will feature high efficiency Maxeon® solar panels by SunPower Corporation which produce 60 percent more energy in the same amount of space compared to conventional solar panels, and offer unmatched reliability. The ground-mounted solar power plant has been designed to fully meet the stringent Japanese earthquake-resistant building standards.
“With more than 7 gigawatts of operating SunPower solar systems on six continents, the power plants we deliver leverage SunPower’s proven experience and innovative, high performance technology,” said Eduardo Medina, SunPower Corporation’s executive vice president, power plants. “We are pleased to partner with Total and ISE Group to build our first solar power plant in Japan, which will power regional homes and businesses with sustainable, cost-competitive solar.”