Kyocera-led group raises $345 mln for 'mega' solar plant

Japanese photovoltaic maker Kyocera Corporation along with six other companies, has announced the completion of ¥27 billion (USD345 million) capital investment for the establishment of Kagoshima Mega Solar Power Corporation.

The consortium, which also includes KDDI Corp, IHI Corp and Mizuho Corporate Bank, Ltd, will be tasked with building and operating a 70-MW solar power plant in Kagoshima City (Kagoshima Prefecture) southern Japan.

Construction of the facility is expected to commence this year and, when complete in the final quarter of 2013, will be the largest in the country.

Power generated to be purchased by Kyushu Electric Power Co., Inc. under the guidelines of the new feed-in tariff (FIT) program which was implemented on July 1 in Japan.

The large scale photovoltaic sector in Japan is beginning to build momentum, with Kyocera one of the latest companies to become involved in developing big projects.

Bloomberg New Energy Finance has predicted the 3.2 GW or US$9.6 billion worth of projects will be developed in 2012.