A huge solar panel farm is set to go under construction in Setouchi, Japan in November thanks to recently closed funding from GE, which owns a 60 percent stake in the project, as well as Kuni Umi Asset Management and Toyo Engineering Corporation. The farm will cost $1.1 billion to build, and the group just closed a $867 million loan from Japanese banks, which is the largest amount of debt raised for a clean power project in Japan to date, according to GE.
The solar panel farm will stretch across 1,210 acres, and will cover a former salt field. When done, the project is supposed to provide solar power starting in the second quarter of 2019 and sell power to Chugoku Electric Power Company over a 20-year contract. Toyo Engineering and Shimizu Corporation will build the plant and a company called Chudenko Corporation will operate and maintain it.
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