GE continues to expands its footprint in the Japanese solar power market through financial as well as technology-based partnerships.
GE’s Power Conversion business has announced a deal with Setouchi Future Creations to supply 94 Brilliance solar inverters for a 231 MW solar PV power project which is expected to be commissioned by 2019. Another GE conglomerate company, GE Energy Financial Services, has acquired 60% equity stake in the project. Setouchi and GE Energy Financial Services, along with Toyo Engineering Corporation, raised $867 million in debt from multiple banks in Japan for this project.
The inverters to be supplied by GE will be the largest inverters used in any Japanese solar power projects, the company has claimed. GE would also provide its SunIQ plant monitoring and control platform. The system allows plant owners to monitor and troubleshoot the operational parameters in real-time. This is essential as most of the solar PV projects in Japan operate independently and with little human intervention.
According to the GE Energy Financial Services’ website, the company has invested in 2 other solar power projects in Japan. Last year, the company acquired equity stake in 2 solar PV projects of cumulative installed capacity of 74 MW, both of which are owned by Pacifico Energy.
GE Energy Financial Services has so far invested about $10 billion in renewable energy projects worldwide, mostly by acquiring equity stakes in them. This includes around $8 billion investment in wind power projects and around $1.8 billion in solar power projects.
GE Energy Financial Services seems to be attracted to large solar power projects. In addition to having an equity stake in Japan’s largest solar power project, the company also owns 24% stake in India’s largest solar PV project which has an installed capacity of 151 MW.
Image Credit: GE Energy Financial Services
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