Trina Solar Partners with GE Energy Financial Services to Deliver Clean Energy to Japan

Changzhou, China - Trina Solar announced that it has partnered with GE Energy Financial Services to invest in a 14 MW direct current utility-scale solar project in Ishinomaki, Miyagi Prefecture, Japan.

As part of the partnership, GE will hold an 85% equity interest in the Project, acquired from Trina Solar under the terms of the Membership Interests Purchase Agreement. Both companies will make capital contributions to the Project on a pro rata basis in accordance with their respective interests. Moreover, a management committee, consisting of two representatives appointed by each company, will be established to manage the day-to-day business of the Project. Trina Solar Japan Energy, a wholly-owned subsidiary of Trina Solar, has been contracted to develop the Project and for engineering, procurement, and construction management.

Equipped with Trina Solar modules, the Project will begin construction at the end of April 2016 and is expected to reach commercial operation by June of next year. The clean electricity generated by the Project, which is sufficient to serve the needs of more than 4,400 Japanese households, will be sold to regional utility Tohoku Electric Power Co. under a 20-year feed-in-tariff contract at the rate of JPY36.0 per kWh.

A number of global companies are investing in Japan's solar market as the country works to achieve its goal of generating 20 percent of its power from renewable sources by 2030. GE Energy Financial Services has invested in six solar power projects since entering the country in 2014, of which three have already achieved commercial operation in 2016.

Source: IWR Online, 25 Apr 2016