X-Elio has recently closed a financing deal for its Sodegaura solar PV plant in Japan with Societe Generale and ING.
The funding will be used for the construction, operation and management of the 16MW Sodegaura solar PV plant, located in the Chiba prefecture of Japan in Tokyo Bay.
The PV plant is expected to be connected to the grid by Q4 2022, and will deliver over 19MWh of renewable energy annually, offsetting more than 9,400 tonnes of CO2 emissions.
Construction works are being carried out by Solarig Japan Services GK, which began last August and is progressing according to schedule.
X-Elio chief finance officer David Diaz said: “The closing of the 6,160 Million Yen Facility Agreement is another successful achievement for the company’s business in Japan.
“This agreement crystallizes our ability to raise competitive finance with global leading financial institutions.
“Sodegaura’s financing is another example of Societe Generale and ING trust in the development of X-ELIO’s sustainable solutions portfolio.”
X-Elio country manager in Japan Toshiaki Isoi said: “Providing Japan with reliable, economic and sustainable energy is our core business.
“We have great expectations in the market and will continue to support the country in the achievement of its long-term renewable targets.”
Societe Generale managing director – Energy + Group Cedric Chatel said: “X-Elio counts among the most experienced global developers of photovoltaic power generation assets.
“Japan is a critical market in the energy world, paving the way of the energy transition in Asia-Pacific.
“This project supports the further development of photovoltaic energy in Japan – one of the pillars of the country’s energy strategy – and it allows X-Elio to consolidate its successful track record in Japan.
“We are therefore delighted to support our client X-Elio by playing a key role in financing their Sodegaura solar photovoltaic project.”
ING APAC lead for renewables & power, energy sector coverage Adrian Lian said: “We are delighted to support X-Elio’s Sodegaura solar photovoltaic project in Japan, leveraging on ING’s Asia Pacific network to strengthen our global relationship with X-Elio.
“In addition to our own net-zero climate ambitions, ING is proud to finance renewable energy projects in the markets we operate in, and is committed to support our clients in their energy transition journeys.”