Spanish Firm to Invest $1 Billion in Japan’s Solar Energy Sector

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Gestamp Solar, a Spanish developer and operator of utility-scale photovoltaic plants plans to invest around 90 billion yen ($1.16 billion) in solar panels and plants in Japan over the next three years.

The company has signed an agreement with Japan’s Kankyo Keiei Senryaku Soken to build and operate solar rooftop plants with a total capacity of 30 MW. According to the Gestamp Solar CEO Jorge Barredo, the two companies plan to develop around 300 MW of rooftop solar power installations and ground-mounted projects within three years. Out of a total 300 MW, 70% of the capacity increase is expected to come from rooftop installations.

“Gestamp Solar has strong background having constructed the largest roof-top projects and parking shelters worldwide, such as ‘the Renault project’, 55 MW connected in February 2012,” said Barredo.

The Spanish company plans to start the construction of the solar plants from this year, with a goal of setting up the first plant before March 2013, Japanese financial daily Nikkei reported.
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Gestamp Solar is in talks with other Japanese companies as well for the development of solar projects in Japan (apart from its agreement with Kankyo Keiei Senryaku Soken). It is also in talks with the commercial institutions and supermarkets for the installation of solar panels on 40-50 roof surfaces.

Gestamp Solar, a unit of Gestamp Renewables, operates and develops utility-scale solar power plants all over the globe. The company has developed, operated, and maintained photovoltaic installations with a total capacity of more than 450 MW in 13 countries, including the US, Spain, India, South Africa, Chile, and Thailand.

In the wake of Fukushima disaster, several Japanese and foreign companies are looking for investment opportunities in the renewable energy sector of Japan . According to a recent estimate by the government, Japan would require an investment of about $637.4 billion in renewable energy by 2030 to eliminate the country’s dependence on nuclear power.

Image Credit: Wayne National Forest Solar Panel Construction by Wayne National Forest (Some rights reserved)

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Mridul Chadha

Mridul currently works as Head-News & Data at Climate Connect Limited, a market research and analytics firm in the renewable energy and carbon markets domain. He earned his Master’s in Technology degree from The Energy & Resources Institute in Renewable Energy Engineering and Management. He also has a bachelor’s degree in Environmental Engineering. Mridul has a keen interest in renewable energy sector in India and emerging carbon markets like China and Australia.

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