TOKYO, March 23, 2016 /PRNewswire/ -- Ise Total Nanao Power Plant G.K., ISE Group, Total (CAC: TOTF.PA) and SunPower Corporation (Nasdaq: SPWR), today announced the construction start of a 27-megawatt-peak* (MWp) photovoltaic (PV) solar power plant in Nanao, Ishikawa Prefecture, on Honshu Island in Japan.
The Nanao PV project is jointly managed by ISE Group, which will own 50 percent of the project, while Total and its affiliate SunPower Corporation will equally share the remaining 50 percent equity portion. It will be financed through non-recourse project debt arranged by Sumitomo Mitsui Banking Corporation (SMBC), the mandated lead arranger for the project.
Construction of the Nanao PV power plant has just begun, with commercial operations planned in the first quarter of 2017. Over the first 20 years of operation, the power plant is expected to produce approximately 29 gigawatt-hours (GWh) of power annually, which is enough to serve the needs of more than 8,900 Japanese households in the region.
Constructed on 25 hectares land owned by ISE Group, a major egg producer based in Japan with operations around the world, the facility will connect to the regional power infrastructure and deliver affordable, clean and reliable energy to the community through a local electricity utility company.
"Ise Group is pleased to launch construction of one of the largest PV plants in the Hokuriku region," said Hikonobu Ise, Chairman of the Ise Group. "As a company which has been providing eggs to customers across the nation for more than 100 years, we are now able to contribute to the region by providing clean electricity through photovoltaic projects using our lands. With the success of this 10-billion Japanese yen-sized project with Total, the largest energy company in France, and SunPower, Total's US-based solar technology and energy services affiliate, we will continue to aggressively develop PV business not only in other regions in Japan but also in other South Eastern Asian countries."
"Total is honored to launch this solar project in Japan in partnership with ISE Group. We welcome Mr. Hikonobu Ise's vision and commitment to develop renewable energies in the country," said Bernard Clement, Total Senior Vice-President, Business & Operations, New Energies. "Total has been present in Japan since 1957 and remains very committed to the country. As a world leader in the solar industry, we are pleased to assist Japan in its objective to raise the proportion of electricity from renewables to 20 percent by 2030. The Nanao project illustrates the advantage of the high efficiency solar technology developed by our affiliate SunPower Corporation. Maximizing the electricity output is key in the Japanese market given the local irradiation and the complex topography of the country. We look forward to further developing our solar activities in Japan and throughout the Asia region."
Nanao PV will feature high efficiency Maxeon® solar panels by SunPower Corporation which produce 60 percent more energy in the same amount of space compared to conventional solar panels, and offer unmatched reliability. The ground-mounted solar power plant has been designed to fully meet the stringent Japanese earthquake-resistant building standards.
"With more than 7 gigawatts of operating SunPower solar systems on six continents, the power plants we deliver leverage SunPower's proven experience and innovative, high performance technology," said Eduardo Medina, SunPower Corporation's executive vice president, power plants. "We are pleased to partner with Total and ISE Group to build our first solar power plant in Japan, which will power regional homes and businesses with sustainable, cost-competitive solar."
About ISE Group
ISE Group, which started genetic and breeding improvement business for egg producing chickens in Takaoka City in Toyama prefecture in 1912, celebrated its 100th year in business in 2012 thanks to many customers' countenance. As a top runner in the egg producing industry in Japan, we are committed to improve egg sanitation by introducing ISE Integration System which manages all of the processes from producing feedstuff and growing to egg shipment in an integrated manner. In overseas, we have 65 percent market share in main 6 states in the US east cost and expands its business to China and South East Asia.
Total is a global integrated energy producer and provider, a leading international oil and gas company, and the world's second-ranked solar energy operator with SunPower Corporation. Our 100,000 employees are committed to better energy that is safer, cleaner, more efficient, more innovative and accessible to as many people as possible. As a responsible corporate citizen, we focus on ensuring that our operations in more than 130 countries worldwide consistently deliver economic, social and environmental benefits. More information is available at: www.total.com.
About SunPower Corporation
As one of the world's most innovative and sustainable energy companies, SunPower Corporation (Nasdaq: SPWR) provides a diverse group of customers with complete solar solutions and services. Residential customers, businesses, governments, schools and utilities around the globe rely on SunPower's more than 30 years of proven experience. From the first flip of the switch, SunPower delivers maximum value and superb performance throughout the long life of every solar system. Headquartered in Silicon Valley, SunPower Corporation has dedicated customer-focused employees in Africa, Asia, Australia, Europe, and North and South America. For more information about how SunPower is changing the way our world is powered, visit www.sunpower.com.
©2016 SunPower Corporation. All rights reserved. MAXEON and the MAXEON SOLAR BY SUNPOWER CORPORATION logo are registered trademarks of SunPower Corporation in Japan and other countries as well.
* A megawatt-peak (MWp) = 1 million peak watts. A peak watt, the unit used to rate the performance of photovoltaic collectors, will deliver 1 watt of electricity under standard conditions of 1,000 watts of light intensity per square meter and temperature of 25°C
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SOURCE SunPower Corp.