Dubai based Adenium Energy Capital (“Adenium”) recently acquired the rights to develop a 36 MW DC solar project from Edison Power. The project is located in Shizuoka Prefecture and will be developed, built and financed by Adenium.
“This recent acquisition will be our largest project in Japan and will bring our total portfolio in Japan to more than 100 MW. We will secure local debt for this project similarly to what we did for our other projects in Japan. Japan has been a great market to Adenium, and we look forward to further investments there”, said Wassef Sawaf, Adenium’s CEO.
Edison Power’s President, Toshimasa Yamada, for his part added: “This is the second project we sell to Adenium, with whom we look forward to continuing our strategic relationship. Kawazu promises to be a great project for Adenium.”
Karim Kuzbari, VP of Investments, also added: “We are very proud to add this project to our existing Japanese and Global portfolio. We are committed to meeting Japan’s renewable energy needs with reliable and increasingly clean sources of energy. Our target is to commission this project by March 2020. The Kawazu project will benefit homes and businesses in Shizuoka Prefecture, and we look forward to working with the local residents in Shizuoka in a bid to achieve a successful project for all.”
Construction should start by mid-2018 with a targeted commercial operation date of March 2020. The power generated from this solar project will be sold to Tokyo Electric Power Company for twenty years.