Trina Solar Partners with GE Energy Financial Services to Deliver Clean Energy to Miyagi Prefecture in Japan
Trina Solar Limited , a global leader in photovoltaic (“PV”) modules, solutions, and services, recently announced that it has partnered with GE Energy Financial Services (“GE EFS”) to invest in a 14 MW (megawatt) DC (direct current) utility-scale solar project (the “Project”) in Ishinomaki, Miyagi Prefecture, Japan.
As part of the partnership, GE EFS will hold an 85% equity interest in the Project, acquired from Trina Solar under the terms of the Membership Interests Purchase Agreement. Both companies will make capital contributions to the Project on a pro rata basis in accordance with their respective interests. Moreover, a management committee, consisting of two representatives appointed by each company, will be established to manage the day-to-day business of the Project. Trina Solar Japan Energy, a wholly-owned subsidiary of Trina Solar, has been contracted to develop the Project and for engineering, procurement, and construction management (EPCM).
Equipped with Trina Solar modules, the Project will begin construction at the end of April and is expected to reach commercial operation by June of next year. The clean electricity generated by the Project, which is sufficient to serve the needs of more than 4,400 Japanese households, will be sold to regional utility Tohoku Electric Power Co. under a 20-year feed-in-tariff contract at the rate of JPY36.0 per kWh.”Trina Solar is an experienced global developer and we are proud to work with them to bring this exciting project in Miyagi, Japan to fruition and to continue to expand our footprint in Asia,” said Sushil Verma, Managing Director and Head of Asia Pacific at GE Energy Financial Services.
A number of global companies are investing in Japan’s solar market as the country works to achieve its goal of generating 20 percent of its power from renewable sources by 2030. GE Energy Financial Services has invested in six solar power projects since entering the country in 2014, of which three have already achieved commercial operation in 2016.
“We are delighted to kick-off this partnership with GE EFS, a top global investor in the energy sector. Their tremendous investment experience combined with our extensive resources in the solar industry will create a win-win in terms of project quality and investment value maximization,” commented David You, President of the International PV System Business Unit (ISBU) at Trina Solar. “Leveraging our proven track record of 1GW in developing and building solar projects around the world, we have been working to actively expand our presence in the downstream market in Japan. The country remains one of our main target markets where the share of solar in the energy mix is expected to further increase. We look forward to continuing our partnership with GE, and moving ahead, we will carry on enhancing our strategic deployment in the region by expanding our pipeline, delivering comprehensive project solutions, and deepening collaborations with select renewable energy players and investors.”