German developer Saferay has secured €99m project financing from Norddeutsche Landesbank for a 50MW solar farm in Hiroshima, Japan.
A total of €115m will be needed for the project, which Saferay will build, own, operate and maintain.
The project is the third that Nord LB has financed for Saferay. The first has been operating in Hokkaido since March last year, with the second expected to come online in October in Oita.
Nord LB managing board member Hinrich Holm said: “With what is now the third solar farm project financing for our customer Saferay in Japan, we are successfully expanding our renewable energies business beyond the borders of Europe.
“On the basis of our successful collaboration with Saferay, which is unique as an efficient provider of all-round solutions for the development, construction and operation of solar farms, we wish to expand our business activities in Japan as one of the leading banks with long-standing expertise in renewable energy.”
Saferay managing director Thomas Gnefkow said: “After some initial difficulties with the local financing for our projects in Japan we are very pleased to have found a reliable, dynamic and innovative partner in Nord LB.
“The international financing structure means our projects can be realised more quickly and competitively than with local financing solutions. This enables us to follow a much steeper growth path in our focus market of Japan, which we wish to pursue over the long term with our partner Nord LB.”
Image: Pixabay
Germans bank Japanese sun
By EBS