Etrion Corporation announces an update on its 45 megawatt ("MW") Niigata solar photovoltaic ("PV") project under development in the Niigata prefecture in northern Japan.
Management Comments
Marco A. Northland, Etrion's Chief Executive Officer, commented: "I am very pleased to announce that our 45 MW Niigata project has obtained the forest development permit. We now have all the necessary permits for this project and have reached the 'Ready-to-Build' stage. We are on track to reach financial close before the end of June and begin construction shortly after. Today, we have 57 MW of operating assets in Japan, and the Niigata project will almost double our installed capacity by 2021."
The Niigata Project
The Niigata project is configured as a 45MW ground-mounted fixed-tilt solar PV power project. The project has secured the Feed-in-Tariff ("FiT") of ¥36/kWh. Under the new rules established by the Japanese Ministry of Economy, Trade and Industry, the FiT for this project is not at risk, but the project is subject to a three-year limit for development from March 31, 2017. Based on the current construction schedule, the Niigata project is expected to commence operations by Q4-2021 and will benefit from 19 years of the awarded FiT. The project does not require an environmental impact assessment. The Company has completed the purchase of all land, secured agreements with all members of the local community and has now obtained the forest development permit. Etrion is finalizing civil works and engineering, procurement and construction contract negotiations and expects to reach financial close in the second quarter of 2019.
