Vena Energy, an independent solar power producer, has secured a green loan of JPY 8.54 billion (~$63.1 million) under a co-financing scheme led by Sumitomo Mitsui Trust Bank to construct the 26 MW Kisarazu Shimogori solar project in Japan.

The project is under construction and expected to be completed in the fourth quarter of 2022.

The financing is aligned with Vena Energy’s Green Financing Framework, and the project will be the company’s first renewable energy project in Chiba Prefecture.

The project will supply up to 6,082 households with clean energy yearly and reduce approximately 16,980 tones of greenhouse gas emissions.

“This project is another step in our mission to contribute to Japan’s energy transition plan and energy independence through clean and renewable power,” said Juan Mas Valor, Head of Vena Energy Japan.

Earlier this week, Infiniti Energy, an independent solar power producer providing EPC and long-term financing, announced the closing of up to an $87 million tax equity facility and a $30 million construction revolver facility to support an expanding portfolio of commercial solar projects in the U.S. The funding supports 34 MW of commercial and industrial (C&I) solar project portfolio located in New Jersey.

In May 2021, Vena Energy signed its first sustainability-linked revolving credit facility of JPY 52.8 billion (~$500 million) from eight lenders. The financers include BNP Paribas, Crédit Agricole CIB, DBS Bank Ltd, ING Bank, MUFG, Intesa, SMBC and Mizuho.

According to Mercom Research, in May 2018, the Asian Development Bank (ADB) announced a private sector financing package totaling $40.2 million to invest in 21 MW solar PV projects of Vena Energy in Indonesia.

According to Mercom’s Q1 2022 Solar Funding and M&A report, announced large-scale project funding in Q1 2022 came to $9.1 billion, a 27% increase compared to $7.1 billion in Q4 2021.