GE bags $867m for PV in Japan
GE Energy Financial Services, Kuni Umi Asset Management and Toyo Engineering have taken out an $867m loan to help finance the 231MW solar project in Setouchi City in Japan. The loan was provided by a syndicate of banks – Bank of Tokyo-Mitsubishi UFJ, Mizuho Bank and Sumitomo Mitsui Banking Corporation – to a special purpose company, Setouchi Future Creations, set up to develop the project. The loan was provided on a non-recourse project finance basis by the banks, including local financial institutions. Toyo Engineering and Shimizu Corporation will start work in November on the photovoltaic plant, which will be Japan’s largest solar power project.