Etrion wraps up phase I of 9.3-MW PV project in Japan

May 29 – Solar power producer Etrion Corp (STO:ETX) said Friday it has put on stream a 2.7-MW solar park in Japan’s Ibaraki prefecture, which represents the first phase of a 9.3-MW project.

The site is estimated to produce 3.1 million kWh annually.

Etrion said the whole 9.3-MW of the Mito photovoltaic (PV) park is on track to be connected to the grid by end-August. It will produce 10.5 million kWh annually, using Canadian Solar poly-crystalline PV modules and Hitachi inverters.

The solar farm’s output will be sold to Tokyo Electric Power Co (TEPCO) under a 20-year power purchase agreement (PPA) at a price of JPY 40 (USD 0.32/EUR 0.30) per kWh. Etrion owns 87% of the Mito project, with the rest being in the hands of Hitachi High-Technologies Corp (TOKYO:8036).

Sumitomo Mitsui Trust Bank extended 80% of the financing for the solar project through an 18-year, non-recourse loan.

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