Japanese heavies throw weight behind 70-MW solar plant

April 10, 2012

Japanese conglomerates Kyocera Corporation, IHI Corporation and Mizuho Corporate Bank today announced that they will join forces to construct a 70-MW solar power plant in southern Japan and to further explore a business model for utility-scale solar power generation, according to the Kyodo News.

According to a joint statement, the "mega-solar plant" is being built to help solve Japan's power supply issues caused by the effects of the Great East Japan Earthquake, and to make a contribution to environmental protection, including the reduction of CO2 emissions.

To be built in Kagoshima City (Kagoshima Prefecture), the solar power project is being undertaken by combining the strengths of the three companies: Kyocera utilizing its more than 35 years of experience in the solar business; IHI implementing its proactive stance on promoting the increased use of renewable energy; and Mizuho CB applying its wide-ranging finance knowledge.

The Kyocera Group will be responsible for the supply of the solar modules and part of the construction & maintenance of the system; IHI will lease the land and actively participate in the operation of the project; and Mizuho CB will devise a financing plan for the project.

The planned site of the solar power plant is approximately 1,270,000m2 (approx. 314 acres) of land owned by IHI — roughly the same area as 27 baseball stadiums. The total project cost is estimated at approximately 25 billion yen (USD309 million), with construction to commence in July of this year, the companies said.