Pattern Energy Group and the Green Power Investment Corporation have completed financing for a 33MW wind project in Japan.
The Ohorayama Wind project, located in Kochi Prefecture, is being developed by a joint venture between the US and Japanese firms. Now under construction, the scheme has secured a 20-year power purchase agreement with Shikoku Electric Power Company for all its output. It is expected to be fully built by March 2018.
The financial details of the project were not disclosed. The two developers had not responded to queries by press time.
“Ohorayama is our first wind project to reach financial close and start construction since we joined hands with Pattern in early 2014,” said Toshio Hori, chief executive and founder of GPIC. “We expect our next project, a 126MW wind farm in Aomori prefecture, to reach financial close and commence construction by mid-2017. It is anticipated to be the largest wind project in Japan.”
The two partners aim to develop 1GW of new renewable energy capacity in Japan. In 2016, they completed two solar projects, namely the 14MW Kanagi Solar project and 42MW Futtsu Solar plants.