GE Energy Financial Services has formed a new partnership with Tokyo-based renewable energy project developer, Green Power Investment Corp. (GPI), to invest in a 42MW (dc) PV solar power project in Futtsu City, Japan. Kyocera Solar offers its solar panels to the PV plant while GPI manages construction and operations. The project is currently under construction and is expected to reach commercial operations in January 2016.

GE Energy Financial Services will invest alongside GPI in the project. In addition to the investment from GPI and GE Energy Financial Services, financing from a syndicate of four banks, led by The Bank of Tokyo Mitsubishi UFJ, Ltd. will be utilized for the project. Additional financial details are not disclosed.

Located in Japan’s prefecture of Chiba, the Futtsu solar plant will sell its power via a 20-year power purchase agreement with Japan’s largest utility, Tokyo Electric Power Company Inc., under the Japanese feed-in tariff regime. Once complete, the project will generate approximately ¥50 million in annual local tax revenues for Futtsu City and Chiba Prefecture. After the completion, Kyocera Communication Systems Co. will provide ongoing operations and maintenance services.

GE Energy Financial Services has made equity and debt investment commitments of $1.9 billion in nearly 2GW of solar power projects worldwide, and plans to continue to invest over $1 billion annually in renewable energy projects. Futtsu City is the business unit’s third solar investment in Japan this year and its sixth since it began investing in the country’s renewable energy market in 2014.

Sushil Verma, a managing director and head of Asia Pacific at GE Energy Financial Services said, “The Futtsu project supports our renewable energy and international growth objectives through the formation of a new relationship with GPI and expansion of our network to additional partners in the country.”