Solar Frontier, Development Bank of Japan and Taiyo Oil Company Form Joint Company to Develop Solar Power Project in Japan
Solar Frontier, the Development Bank of Japan (DBJ) and Taiyo Oil Company announced today they have reached a general agreement to collaborate on a 16.5MW solar power project in Yamaguchi Prefecture, Japan. The three companies have established a joint company, SDT Solar Power, to develop and manage this project.
SDT Solar Power is now initiating work on the project. Construction of the solar power plant is scheduled to begin in the summer of 2016 and operation is targeted to begin in 2017. It is expected to produce about 20,000,000 kilowatt-hours per year, equivalent to the annual electricity consumption of 3,880 average households in Japan, as well as displace CO2 emissions by about 10,500 tons per year.
For this project, Solar Frontier is supplying its CIS modules, which yield more energy (kilowatt-hours per kilowatt-peak) in real-world environments than crystalline silicon modules. Once the new solar power plant is operational, Solar Frontier’s experienced specialist team will also provide Operation & Maintenance services, one of Solar Frontier’s value-added services.
DBJ is directly investing in the project utilizing its “Special Investment Operations”, Established in 2015, this measure aims to contribute to regional economic revitalization and reinforce corporate competitiveness. Additionally, DBJ is inviting financial institutions to support raising funds by project financing.
Taiyo Oil Company will lease its land for this project in addition to participating in the management of the joint company. Taiyo Oil Company is currently developing new businesses under its Medium-Term Management Plan, which includes solar energy.By working together to advance this project, Solar Frontier, DBJ and Taiyo Oil Company are contributing to the growth of clean, renewable energy in Japan.