Etrion and Tamagawa Holdings announce signing of the project finance to build a 9.5 MW utility-scale solar project in Japan
Etrion Corporation announced recently the signing of project financing and planned construction of the Aomori solar power project located in Misawa city in the Aomori prefecture of the Tohoku region in Japan. Tamagawa Holdings Co., Ltd., was the initial developer and retains an interest in the project. Financing was arranged by Sumitomo Mitsui Trust Bank, Limited (“SuMi Trust”).
Marco A. Northland, Etrion’s Chief Executive Officer, commented: “I am delighted to announce the closing of $29 million project financing for our 9.5 MW Aomori PV project in Japan. This is our third utility-scale solar project in Japan. It continues to demonstrate the excellent partnership with Hitachi High-Tech, who will be building the project on behalf of the partnership. Aomori also represents several important firsts for Etrion. It is our first project involving a local developer, Tamagawa Holdings Co. Ltd. It will also be the first project in Japan where Etrion will act as the Asset Manager, further confirming the market’s acceptance of Etrion as a reliable, best-in-class Independent Power Produced (IPP), developer and owner. Japan continues to be our main focus and I expect more projects to reach financial close in the near future.”