GE Unit to Invest in 32-Megawatt Solar Power Project in Japan

GE Energy Financial Services Inc., a unit of General Electric Co., will invest in a 32-megawatt solar power project in southwest Japan’s Okayama prefecture.

The facility will start operation in the first quarter of 2016, according to a statement today from the GE unit and the facility’s operator, Pacifico Energy K.K.

GE didn’t disclose the size of its investment nor the project’s total cost. It said it’s part of its annual spending of more than $1 billion on renewable energy.

The holding company set up by GE and Jamieson Group, the parent of Pacifico Energy, has secured 11 billion yen ($107 million) in loans for the project from Bank of Tokyo-Mitsubishi UFJ Ltd. and Chugoku Bank Ltd., according to Sumito Koike, a spokesman for GE’s Japan unit.

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