Release
Solar Frontier to transfer megasolar power plant to a trust account managed by Mitsubishi UFJ Trust and Banking Corporation
Munich, March 2, 2015– Solar Frontier announced today that it will sell its 2 MW KunitomiMegasolar power plant in Miyazaki, Japan, to a trust account managed by Mitsubishi UFJ Trust and Banking Corporation (“MUTB”). The agreement was signed on February 24 2015, and will include the transfer of all related facilities, contractual positions, rights, and obligations. KunitomiMegasolar, which started operating in March 2013, was the first megasolar power plant owned and operated by Solar Frontier.
Solar Frontier provides one-stop solar energy solutions in Japan, from manufacturing and selling CIS thin-film PV modules to project development, funding and O&M (operation and maintenance). Solar Frontier also builds, operates and sells megasolar power plants in Japan. As part of this business model, it sells electricity as an IPP (independent power producer) with the option to sell completed power plants to investors that wish to avoid construction-related risks.
Following this transaction, Solar Frontier will continue to be involved in the operation of KunitomiMegasolar as the project’s O&M provider. The agreement reflects MUTB’s high regard for Solar Frontier’s O&M capabilities, as well as the high economic viability of KunitomiMegasolar, based on the higher real-world output of CIS thin-film modules.
Solar Frontier will utilize the know-how it has gained by developing and operating the KunitomiMegasolar power plant as it continues to advance its megasolar business through projects in Japan and overseas.