Etrion Corporation (Geneva, Switzerland), an independent solar power producer (IPP), announced that it has commenced full commercial operation of the 24.7 MW Shizukuishi solar photovoltaic (PV) power plant located on one site in the Iwate Prefecture of northern Japan.
Etrion’s partner and EPC contractor, Hitachi High-Technologies Corporation (HHT), delivered the project on-time and on-budget, reads the press release.
25.6 GWh of solar power expected anually
The Shizukuishi PV project is selling solar power to Tohoku Electric Power Co. Ltd. under a 20-year fixed-price take-or-pay power purchase agreement at approximately USD 0.37 per kWh.
The solar park is expected to produce approximately 25.6 gigawatt-hours (GWh) of solar power per year, enough to supply electricity to approximately 7,300 households.
Etrion owns 87% of the PV project, and HHT owns the remaining equity interest. Sumitomo Mitsui Trust Bank Limited (SMTB) provided both construction financing and an 18-year term loan facility similar to traditional project finance.
Shizukuishi is the second solar PV project successfully developed, built, financed, owned and operated by Etrion in cooperation with HHT and SMTB.
In June of this year, Etrion announced the financial close of a third solar project, Aomori (9.5 MW), which is now under construction.
“I am delighted with the progress we are making in Japan and the strong collaboration we have with our local partners. We are fully dedicated to this market and are confident that we can advance our more than 250 MW of backlog and pipeline to be ready to build over the next couple of years,” said Marco Antonio Northland, Etrion’s CEO.
In Japan, Etrion currently has the 9.3 MW Mito project and the 24.7 MW Shizukuishi project operational. In addition to the 9.5 MW Aomori project currently under construction, Etrion has two projects totalling 66 MW under active development and an additional 200 MW of pipeline in Japan.