Two Giant Company Together to Build Solar Project in Japan
Etrion (a global solar power company) and Hitachi High-Technologies joined forces as they signed the project for the construction of a 13.2MW Komatsu solar project in the Ishikawa Prefecture of Japan.
The construction of the project is expected to start on February next year.
â€œI am delighted to announce the signing of the $33m project financing for our 13.2MW Komatsu project, our fourth utility-scale solar project in Japan,â€ Etrion’s chief executive officer Marco Northland said.
â€œWe will continue to deliver new solar projects through our unique partnership with Hitachi High-Tech in Japan, which is the market with the highest returns for Etrion. Once we close the previously announced sale of our Italian assets, we will be in a very strong financial position to further accelerate our growth in Japan,â€ he added.
Etrion will own a 85.1% stake in the Komatsu project, while Hitachi High-Technologies will own the remaining 14.9% stake.
Around 83% of project costs will be financed through project debt from SuMi Trust with a tenor equal to the construction period plus 19 years of operations. The remaining 17% will be funded pro-rata by Etrion and Hitachi High-Technologies according to their respective equity interests.