First Solar, Inc. announced today that it has obtained non-recourse project debt financing of approximately 27 billion yen (US$240 million) in a syndicated loan arranged by Mizuho Bank Ltd. for a utility-scale solar project in Ishikawa prefecture, Japan. This financing arrangement demonstrates First Solar's technology, project development, operations and maintenance, and project financing capabilities for utility-scale solar projects in Japan.
The Ishikawa Sogo Solar Power Plant, with a generation capacity of 59.5MW AC, once complete, it is expected to provide enough clean energy to serve the needs of around 17,500 average Japanese homes, displacing approximately 35,000 metric tons of carbon dioxide per year.
First Solar is well positioned to develop, construct and operate various utility-scale solar projects, and provide integrated energy solutions that contribute to a safe and reliable energy mix in Japan.
The Ishikawa Sogo Solar Power Plant is scheduled to commence operation in late 2018.