Solar Power Inc., a renewable-energy project developer backed by China’s LDK Solar Co., agreed to help develop 500 megawatts of photovoltaic systems in Japan.
SPI will own at least 51 percent of a joint venture formed with Osaka-based K.K. Uniroot to develop the solar farms in Japan, the Shanghai-based developer said in a statement Tuesday. Additional terms weren’t disclosed.
SPI “will assume primary responsibility for certain functions including project funding, construction and equipment procurement,” according to the statement. Uniroot is managing “other matters including land purchase and lease, securing necessary permits and obtaining power-purchase agreements with local utilities.”
Japan is the second-largest solar market, and may install as much as 12.7 gigawatts of panels this year, according to data compiled by Bloomberg.
LDK owns about 23 percent of SPI, according to data compiled by Bloomberg. SPI moved its headquarters to Shanghai from California in January.