
Pacifico Energy signed a development expenditure (devex) loan agreement with Mitsubishi HC Capital and BOT Lease to finance a 134MW (DC) solar project in Tsu City, Mie Prefecture, the company announced on July 5, 2024.
The project, tentatively named “Hakusan Mikano Solar Power Plant,” was awarded a 9.34 yen feed-in-premium (FIP) in Japan’s 16th Solar Auction. Being over 100MW, Pacifico Energy expects a longer development period due to it being subject to the stringent Environmental Impact Assessment Act. The development loan is expected to allow the company move the project forward simultaneously with its other projects.
“We are accelerating the development of large-scale solar power plants, and have sought to diversify our fundraising sources when developing multiple projects simultaneously,” said Naomori Nagamori, Pacifico Energy’s Chief Investment Officer.
Hakusan Mikano Solar Power Plant is the second project which Pacifico Energy will monetize through corporate PPA and the FIP scheme, as well as the second project for which it secured a devex loan from the two financing companies. The first is a 120MW (DC)/76.8MW (AC) project in Shunan City, Yamaguchi Prefecture, which was awarded a 9.86 yen/kWh FIP in the 12th Solar Auction and is currently going through environmental assessment.
Prior to venturing into FIP projects, Pacifico Energy developed 15 solar power plants using the feed-in-tariff (FIT) scheme.