Vena Energy, an independent solar power producer, secured a JPY16.9 billion (~$121 million) green loan for the 53 MW Kasama solar project. MUFG Bank led the JPY16.9 billion (~$121 million) financing arrangement with co-financing by Joyo Bank in Japan.

The project will generate enough clean energy to satisfy the electricity requirements of over 14,000 households yearly, or the equivalent of reducing around 38,000 tonnes of greenhouse gas emissions and saving up to 54 million liters of water, compared to thermal generation.

“Japan has set ambitious targets for its energy transition strategy, up to 38% of its energy mix coming from renewable energy by the end of 2030, and the Kasama Solar Project is another step towards realizing that goal. We look forward to delivering this project to the host communities in Ibaraki Prefecture,” said Raul Rienda, Head of Vena Energy Japan.

“Vena Energy has been one of the pioneers of the solar, wind, and, more recently, energy storage sectors in Japan, and a protagonist of the ongoing Japanese energy transition,” said Simone Grasso, Chief Investment Officer of Vena Energy. “As we continue to expand our operations and capital investments in the country, we would like to thank Mitsubishi UFJ Bank and Joyo Bank for their support in financing the Kasama project and our host communities in Ibaraki Prefecture for their continued trust in our local operations and activities.”

According to Mercom’s Q1 2023 Solar Funding and M&A report, large-scale project funding came to $5.3 billion in 62 deals, a decrease of 46% compared to $9.8 billion in 52 deals in Q4 2022.

Peridot Solar Limited (PSL), a developer, owner, and operator of solar and storage projects and a subsidiary of FitzWalter Capital Limited, recently secured €120 million (~$129 million) bilateral financing from Infranity, an investment firm for the construction of 7 solar PV assets for a total capacity of 178 MW portfolio in Italy.