TOKYO (Nikkei)--Goldman Sachs plans to pour about Y300 billion
($2.9 billion) into Japanese renewable energy projects over the
next five years, having determined that a long-term scheme here to
buy renewables at fixed rates will provide a stable source of
income, the Nikkei reported in its Monday morning edition.
The U.S. investment bank recently set up a wholly owned
renewable energy management firm in Tokyo. Its first move will be
to invest in megasolar facilities in Ibaraki Prefecture that will
be built for Y13 billion and provide a total of 40mw of power,
enough to supply 12,000 households.
Land has already been acquired for the project and construction
is to commence as early as next month, with operations slated to
begin in 2015. The power will supplied to Tokyo Electric Power Co.
(9501.TO) over an expected span of about 20 years. The Goldman unit
will invest several billion yen with the remainder financed by
Shinsei Bank (8303.TO) in the form of loans.
Goldman Sachs plans investments of up to Y300 billion in
Japanese green energy, including wind power, by 2018. No project
will be managed by the Goldman Sachs unit alone. The investments
are seen being made jointly with other firms. The plan is to raise
the unit's share of capacity to 1,000mw.