General Electric Co. agreed to invest in a 42-megawatt solar project in Japan, its third in the country this year.
The solar farm in Futtsu City, about 67 kilometers (42 miles) southeast of Tokyo, is also backed by the Japanese renewable-energy developer Green Power Investment Corp. and four banks led by Bank of Tokyo Mitsubishi UFJ, according to a statement Tuesday from Fairfield, Connecticut-based GE that didn’t disclose the size of the investment.
GE’s Energy Financial Services unit has committed $1.9 billion to support almost 2 gigawatts of solar projects worldwide and intends to invest about $1 billion annually in renewable-energy projects, according to the statement.
The solar farm is expected to begin producing power in January. Green Power is managing construction using panels from Kyocera Corp. Tokyo Electric Power Co. has agreed to buy the plant’s output under a 20-year contract as part of the nation’s feed-in tariff plan that guarantees above-market rates for solar power.