FUTTSU CITY, Japan, March 23, 2016 /PRNewswire/ -- Pattern Energy Group LP ("Pattern Development"), and Green Power Investment Corporation ("GPI") today announced the completion of the 42 megawatt (MW) Futtsu Solar photovoltaic (PV) power facility. Pattern Development and GPI are joint venture (JV) partners that developed and built the Futtsu Solar power facility, which is located in Japan's prefecture of Chiba. GE Energy Financial Services, a General Electric unit, currently maintains an ownership stake in the project and additional financing was previously provided by a syndicate of four banks, led by The Bank of Tokyo Mitsubishi UFJ, Ltd.
"This is an exciting time for renewable energy in Japan and we are very pleased to complete one of the largest solar PV projects serving the residents of Tokyo, Japan, the capital of our country and one of the largest cities in the world," said Toshio Hori, CEO and founder of GPI. "Our efforts continue toward making Japan increasingly energy-independent and carbon-free."
"Futtsu Solar is our first project in Japan to reach commercial operation following our investment and partnership with GPI," said Mike Garland, President and CEO of Pattern Development. "After announcing our expansion into Japan just over a year ago, we are making strong progress with another solar project that is nearing completion and a wind project under construction. Working with GPI, we are ahead of our business plans and we have expanded the number of opportunities. Japan is an exciting market – it is the third-largest electric grid in the world and renewables represent the only domestic energy resource. With modest improvements, innovation and effective utilization of the current 27 GW of pumped hydro facilities, the Japanese grid offers one of the best opportunities in the world to transition to carbon-free electrical generation."
Futtsu Solar has a 20-year power purchase agreement with Tokyo Electric Power Company, Inc. (TEPCO) for 100% of the output from the facility. The facility connects to the transmission grid via a 66 kV line that crosses the facility site.
The facility's high-quality PV solar panels are being supplied by Kyocera Solar Corporation, a Japanese subsidiary of Kyocera Corporation. GPI managed construction of Futtsu Solar and will manage its ongoing operations. Kyocera Communication Systems Co. will provide ongoing operations and maintenance services.
Green Power Investment Corp. (GPI) is a developer, owner and operator of renewable energy assets. The President of GPI, Toshio Hori, was one of the earliest pioneers in renewable energy, having built some of the first large scale wind power projects in Japan, the United States and the United Kingdom. GPI is headquartered in Tokyo and has a team of professionals covering all areas of expertise necessary to operate and manage a full-scale renewable energy business. GPI's partnership with Pattern Energy Group LP has further strengthened GPI's capabilities in development, financing, operations and equipment procurement by providing access to the capital, expertise and buying power of a major player in the field of international renewable energy.
About Pattern Development
Pattern Energy Group LP (Pattern Development) is a leader in developing renewable energy and transmission assets. With a long history in wind energy, Pattern Development's highly-experienced team has developed, financed and placed into operation more than 4,000 MW of wind power projects. A strong commitment to promoting environmental stewardship drives the company's dedication in working closely with communities to create renewable energy projects. Pattern Development has offices in San Francisco, San Diego, Houston, New York, Toronto, Santiago, Chile, and Tokyo, Japan. For more information, visit www.patterndev.com.
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SOURCE Pattern Energy Group LP