Japanese solar developer Pacifico Energy stated that it began the construction of a 121-megawatt (MW) solar project on August 3, according to PVTech on the same day. Considering the least impact on the environment, the plant is located on an abandoned golf course in Hyogo Prefecture, Japan. With the financial support from MUFG Bank and Mitsubishi HC Capital, the construction period of the plant is expected to be three years. The company will put the plant into operation in 2023, with an annual electricity generation capacity of 143m kilowatt-hours (kWh).

Japan’s Ministry of Environment and Trade announced detailed goals in the aspect of photovoltaics (PV) to achieve the target of carbon neutrality in 2050 on July 6. The goals require the solar capacity to reach 108 gigawatts (GW) by 2030, such as a 20GW growth through promoting solar panels equipped in places like buildings, car parks, and other areas in the country. Solar energy is estimated to have the lowest unit price of JPY8 to JPY11.5 among energy in 2030, while the price of nuclear energy will increase to at least JPY11.5 per unit and that of wind power will be JPY9.5.

Many energy developers have also embarked on a series of renewable funds or bond projects with financial institutions under the carbon-cutting goals of the Japanese government. For instance, Pacifico Energy launched two solar funds separately in 2018 and 2019, raising a combined JPY44.5bn. The underlying projects of the two funds would amount to a total capacity of 316MW and reduce carbon emissions by 160,000 tons annually. Another clean energy company, Renewable Japan announced this March that it had raised JPY10.15bn (USD92.42m) for a 25.76MW solar project in Kagoshima Prefecture by offering its ninth sustainable bond, maturing in February 2041. The project will reduce carbon emissions by more than 10,000 tons per year.

Sources:

https://www.pv-tech.org/pacifico-energy-reaches-financial-close-begins-construction-of-121mwdc-japan-pv-plant/

https://www.pv-tech.org/pacifico-energy-breaks-ground-on-new-hyogo-prefecture-solar-plant/

https://www.nytimes.com/2020/10/26/business/japan-carbon-neutral.html

https://www.breakinglatest.news/world/japan-raises-solar-power-targets-and-may-have-to-install-photovoltaic-panels-on-every-roof/

https://www.bloomberg.com/news/articles/2021-07-06/landscape-of-rooftop-panels-looms-as-crowded-japan-boosts-solar

https://english.kyodonews.net/news/2021/07/10f6682cf57b-solar-power-to-become-cheaper-than-nuclear-in-2030-govt-estimate.html

https://www.businesswire.com/news/home/20191201005231/en/Pacifico-Energy-Raises-29-Billion-Yen-for-Its-Second-Solar-Fund

https://www.pv-tech.org/pacifico-energy-starts-constructing-258mw-solar-plant-in-japan/

https://reglobal.co/renewables-japan-allocates-jpy-10-15-billion-for-a-25-76-mw-solar-project/