GE Energy raises largest solar energy fund for solar projects in Japan
GE Energy Financial Services (GE EFS) has raised the largest solar energy fund in Japan to invest in the country’s solar power projects.
GE EFS is the energy investing unit of US-based company General Electric.
Development Bank of Japan (DBJ), which provided GE EFS with its renewable energy investing experience to help structure the fund, served as the major investor for one third of the interests.
Headquartered in Tokyo, Japan, DBJ is a wholly government-owned financial institution in Japan.
GE EFS president and CEO David Nason said: “We are pleased to partner with DBJ and other leading Japanese institutional investors to create this new vehicle in Japan.
“This renewable energy infrastructure investing platform marries the energy investing and market expertise of GE EFS with strong local partners. It provides an important new source of capital to meet the energy needs of Japan with clean, renewable solar power.”
The fund has been invested in the operating projects in Japan, which includes the 32MW Kumenan solar power plant that became operational last year.
Earlier, GE EFS held a majority stake in the Kumenan solar facility.
The funding, which received additional backing by a group of institutional investors of Japan, reached an amount of JPY46.3bn ($412.7m).
The company aims to raise additional commitments to increase the fund to JPY75bn ($668.5m) in the third quarter of this year.