Korean life assurance companies Kyobo Life, Heungkuk Life and Hanwha Life have acquired from Solariant Japan the 41.3MW Kagoshima solar project in Japan.
The project will consist of more than 132,000 PV modules and will be managed by Genkai Capital, a Japanese asset management company.
The plant is scheduled to be completed in the first quarter of 2017.
The project is developed under the Japanese feed-in tariff scheme with $0.33 per kWh plus value added taxes.
The electricity generated by the power plant will be purchased by Kyushu Electric Power Company for 20 years.
The $172m deal involved completed both equity and a mezzanine debt financing with Shinhan Bank and Mitsubishi UFJ Leasing to provide senior project debt.
The Korean investors acquired full membership interest in Solariant Portfolio Two, which serves as the project company established to develop the project, through Koran asset manager Kiamco’s Kirishima Solar Fund Private Placement Special Asset Investment Trust.
The mezzanine debt fund will be managed Darby Hana Infrastructure Fund Management Company, a joint venture between Hana Bank and Darby Overseas Investments.
Solariant managing director Ric Tan said: “Solariant delivered on triple bottom line goals – environmental, social and economic – throughout the planning of the facility, which fit Kyobo Life’s corporate sustainability management framework.”
Image: Morgue File
