Itochu to Build 45-Megawatt Solar Power Plant With Partners

Jul 14, 2014 11:19 pm ET

July 15 (Bloomberg) -- Itochu Corp., Kyudenko Corp. and Mitsui Engineering & Shipbuilding Co. will build a 45-megawatt solar power station in Oita prefecture in southwestern Japan.

Construction will start in August and the plant will start operating in March 2016, Tokyo-based Itochu said in a statement today.

Itochu has a 50 percent stake in the venture, while Kyudenko holds 30 percent and Mitsui Engineering the rest, according to the statement.

The venture signed a loan agreement today with a group of lenders led by Mizuho Bank Ltd., Itochu said in the statement. The Nikkei newspaper reported earlier that the project will cost about 15 billion yen ($148 million). No financial terms were disclosed in the statement.