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Sumitomo Mitsui, Banks to Provide 6.6 Billion Yen Loan for Solar

Sumitomo Mitsui Banking Corp. and four other banks will provide a 6.6 billion yen ($64 million) loan for a solar power station in northern Japan.

The 20-megawatt solar project led by Maeda Corp., a Japanese construction company, is being developed in Iwate prefecture, Sumitomo Mitsui said in a statement yesterday.

The project is part of reconstruction efforts in the region following the 2011 earthquake and tsunami, according to the statement. Four regional banks including the Bank of Iwate will take part in providing the syndicated loan.

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