A General Electric Co. unit and Virginia Solar Group completed a 32-megawatt solar farm in western Japan.
The Pacifico Energy Kumenan Mega Solar Project in Okayama prefecture has a 20-year power-purchase agreement with utility Chugoku Electric Power Co., according to an e-mailed statement Monday. It was built by Toyo Engineering Corp. and completed a month ahead of schedule.
The solar farm received 11 billion yen ($101 million) in non-recourse project financing from Mitsubishi UFJ Financial Group Inc. and Chugoku Bank Ltd., and the asset manager is Pacifico Energy KK. It provides enough power for 11,000 homes.
GE Energy Financial Services and Virginia Solar have invested in two other power plants in Japan, a 42-megawatt project that’s expected to be complete in the second half of this year and a 96-megawatt one that will be done in 2018, according to the statement.