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Mitsubishi to Develop 3 Solar Plants to Generate 95 Megawatts

Jan. 28 (Bloomberg) -- Mitsubishi Corp., Japan’s largest trading house by market value, today announced plans to build three solar power stations with total capacity of 95 megawatts as it deepens its presence in alternative energy.

Mitsubishi and C-Tech Corp., a clean energy and telecommunications unit of Chubu Electric Power Co., will build a 77 megawatt station in Aichi prefecture in central Japan, the companies said in a statement today. It is estimated to cost more than 20 billion yen ($220 million), with 80 percent of the funding raised through project financing, according to the statement.

The trading company will also build a 12 megawatt station and a 6 megawatt solar plant in Fukushima prefecture in northeastern Japan, it said in a separate statement. The total cost will be about 6 billion yen and Mitsubishi wants to raise as much as 80 percent of the cost through project financing, Takashi Shiwaku, a spokesman, said by phone today.

Mitsubishi has announced plans for a total 97 megawatts of solar capacity including the three plants today, according to Shiwaku. The company wants to expand its capacity to 200 megawatts by 2020.

The Fukushima stations will start operation from mid-2014 and the Aichi plant will begin by March 2015, according to the statements.

To contact the reporters on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net; Ichiro Suzuki in Tokyo at isuzuki@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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