GE Energy Financial Services and Pattern Development Jointly Invest in GPI's Kanagi Solar Project in Japan
GE Unit (NYSE: GE) GE Energy Financial Services and Pattern Energy Group LP ("Pattern Development") entered into an agreement with Tokyo-based renewable energy project developer, Green Power Investment Corp. ("GPI"), to invest in a 13.6-megawatt (DC) photovoltaic solar project located in Japan's prefecture of Shimane. GE Energy Financial Services and Pattern Development will each own 45% of the project and GPI will retain a 10% ownership interest. GPI will manage construction and operations of the plant, which is located in Hamada-Shi, a mountainous area off the Sea of Japan. The transaction was closed in June 2015 and financial details were not disclosed.
Construction on the Kanagi solar project is underway and the plant is expected to reach commercial operation in February 2016. Kyocera Solar Corporation, a Japanese subsidiary of Kyoto-based Kyocera Corporation, is providing the photovoltaic solar panels. Schneider Electric is supplying the project's inverters. Kyocera Communication Systems Co. will provide ongoing operations and maintenance services.
Kanagi will sell its power to Chugoku Electric Power Company through a 20-year power purchase agreement under the Japanese feed-in tariff regime. These tariffs help attract investments in renewable energy in Japan where 20 percent of its power is expected to be generated from renewable sources by 2030.
"GPI is pleased with the progress of construction on the Kanagi project and excited with the prospect of reaching commercial operations in early 2016. We welcome the investment by Pattern Development, one of our key shareholders and GE Energy Financial Services. This project marks another step towards Japan's energy independence," said Toshio Hori, President of GPI.
“Partnering with GPI and Pattern Development supports the growth of Japan's energy infrastructure and helps the country achieve its renewable targets to meet its power needs”Sushil Verma
Managing Director and Head of Asia Pacific at GE Energy Financial Services
GE Energy Financial Services is growing globally and expanding its renewable energy investing footprint, with a commitment to invest $1B annually in the space. Kanagi marks the company's sixth solar investment in Japan since 2014 and follows an April 2015 investment in GPI's 42-megwatt (DC) solar project in the prefecture of Chiba. GPI has a number of renewable energy projects in Japan
Note to Editors:
View a photo of the 13.6-MW solar PV plant under construction in Hamada-Shi, Japan.
About Green Power Investment Corporation ("GPI")
GPI is a developer, owner and operator of renewable energy assets in Japan. The President of GPI, Toshio Hori, was one of the earliest pioneers in renewable energy, having built some of the first large scale wind power projects in Japan, the United States and the United Kingdom. GPI is headquartered in Tokyo and has a team of professionals covering all areas of expertise necessary to operate and manage a full-scale renewable energy business. GPI's recent partnership with Pattern Energy Group LP has further strengthened GPI's capabilities in development, financing, operations and equipment procurement by providing access to the capital, expertise and buying power of a major player in the field of international renewable energy.
About Pattern Development
Pattern Energy Group LP (Pattern Development) is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 4,000 MW of wind power projects. A strong commitment to promoting environmental stewardship drives the company's dedication in working closely with communities to create renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Santiago, Chile, and Tokyo, Japan. For more information, visit www.patterndev.com.
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Green Power Investment Group
GE Energy Financial Services