Sonnedix closes financing for 40-MW solar project in Japan

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July 20 : International independent power producer (IPP) Sonnedix Power Holdings Ltd has recently reached financial close for the 40-MW Soma solar project in Japan.

The company said the JPY-17.5-billion (USD 163.4m/EUR 142.6m) club financing was led by Sumitomo Mitsui Trust Bank, Limited (SMTB), which was also in the group of underwriters that included the Bank of Fukuoka, Toho Bank, the Bank of Yokohama, Fukushima Bank and Joyo Bank.

The Soma photovoltaic (PV) plant will be located in the namesake city in Fukushima prefecture. Japan’s Daiwa House Industry Co Ltd (TYO:1925) has been selected as the engineering, procurement and construction (EPC) contractor for the project.

Construction is expected to be finalised in early 2022. Once fully up and running, the Soma park will generate an estimated 48,000 MWh of electricity per year, or enough to meet consumption needs of around 16,000 households, Sonnedix said.

The IPP’s Japanese unit, Sonnedix Japan KK, currently manages 133 MW of operational PV capacity on behalf of the group and has a further 205 MW in various stages of construction.