Invenergy Completes Financing for Its Largest Solar Project in Japan

April 15, 2021 | Renewables | Energy Facts Staff Writer | 3min

Invenergy Japan G.K., a subsidiary of Invenergy, announced the completion of financing with Shinsei Bank, Limited (“Shinsei Bank”) for the 35-megawatt AC/45.8-megawatt DC Yuzukami Solar project.

Through its subsidiary Yuzukami Kita Solar Energy GK, Invenergy Japan arranged the financing, which includes the Shinsei Green Loan to fund the development, construction and ownership of the project. The Shinsei Green Loan designates the use of funds for businesses or projects that provide clear environmental benefits as set forth by the Shinsei Green Finance Framework.

Located in Ohtawara City, Tochigi Prefecture, the Yuzukami Solar project is expected to generate 53,340 MWh per year once operational, enough energy to power approximately 15,000 Japanese homes annually and equivalent to reducing 24,270 tons of CO2 annually. The project is currently under construction and scheduled to begin commercial operations in 2023.

“Invenergy is pleased to have completed financing for the Yuzukami Solar project, a significant milestone for us as a global leader in clean energy development and project finance,” said Brian Bortman, Vice President, Finance and Capital Markets at Invenergy. “This transaction not only demonstrates the strength of our financing capabilities, but also reflects Invenergy and Shinsei Bank’s shared commitment to building a sustainable future.”

“Shinsei Bank incorporates the concepts of sustainability and social impact into our business,” said Hirofumi Kusakabe, Managing Executive Officer, Head of Group Structured Solution at Shinsei Bank. “This transaction, which represents that the Yuzukami Solar project has been developed with due consideration for the environment and local communities in accordance with the Shinsei Green Loan assessment, is an important step for both Invenergy and Shinsei Bank in realizing our commitment to a sustainable future.”

Yuzukami Solar builds on Invenergy’s track record of successful renewable energy project development in Japan. The 7-megawatt Queens Solar Farm and 8-megawatt Koumi Kogen Solar Farm, both developed and constructed by Invenergy, began operating in 2020 and 2019 respectively. Invenergy Wind Development Japan G.K., an affiliate of Invenergy Japan, has 220 megawatts of late-stage development onshore wind projects. In addition to furthering its solar and onshore wind development pipeline, Invenergy is currently expanding to provide offshore wind and advanced energy storage solutions.

As the clean energy transition continues in Japan and around the world, Invenergy’s extensive expertise as well as its strong institutional investment support have positioned the company to accelerate this transition. In December 2020, Invenergy secured a $1 billion funding commitment for its expanding development portfolio. Since 2001, the company has successfully raised almost $40 billion in capital to finance its sustainable energy projects across the United States, Canada, Europe and Asia.