SPI Solar To Jointly Develop 500 MW Capacity In Japan
China-based Solar Power has announced plans to enter the Japanese market through a joint venture with K.K. Uniroot to develop large-scale solar power projects.
Solar Power (SPI Solar) has formed a joint venture with K.K. Uniroot, a diversified Osaka-based corporation, to develop 500 MW solar power capacity in Japan. As per the agreement, SPI Solar will be responsible for project funding, construction, and equipment procurement. Uniroot will be responsible for land purchase and lease, acquiring all necessary regulatory approvals, and obtaining power purchase agreements from local utilities.
SPI Solar will be senior partner in the joint venture with at least 51% stake in it.
The solar power market has slowed a bit in Japan over the last few months, primarily due to concerns regarding offtake of electricity by the utilities, and the overall policy of the government that leans towards nuclear power instead of renewable energy. Still, significant opportunities remain to be exploited in Japan’s solar power market.
SPI Solar has been looking to enter new markets and has entered several agreements in the recent past to this end. It recently acquired Energiebau Solar Power GmbH, a European company involved in wholesale and distribution business of solar power products. SPI Solar also entered the wholesale supply business in Australia when it acquired 80% stake in Solar Juice Limited last month. SPI Solar also has grand plans to expand its portfolio in the Chinese solar power market. Late last year, the company signed a deal with with GD Solar to acquire 1.5 GW solar power projects. In March, the company secured a fresh line of credit worth $1.6 billion from 3 Chinese banks.
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