Itochu to Build 45-Megawatt Solar Power Plant With Partners

Itochu Corp. (8001), Kyudenko Corp. (1959) and Mitsui Engineering & Shipbuilding Co. (7003) will build a 45-megawatt solar power station in Oita prefecture in southwestern Japan.

Construction will start in August and the plant will start operating in March 2016, Tokyo-based Itochu said in a statement today.

Itochu has a 50 percent stake in the venture, while Kyudenko holds 30 percent and Mitsui Engineering the rest, according to the statement.

The venture signed a loan agreement today with a group of lenders led by Mizuho Bank Ltd., Itochu said in the statement. The Nikkei newspaper reported earlier that the project will cost about 15 billion yen ($148 million). No financial terms were disclosed in the statement.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editors responsible for this story: Reed Landberg at landberg@bloomberg.net Abhay Singh, Iain Wilson

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