US-based GE Energy Financial Services, GE's energy investing business, has raised a new solar fund in Japan to invest in Japanese solar power projects. The Development Bank of Japan Inc. (DBJ), a Japanese government-owned financial institution headquartered in Tokyo, has committed as the anchor investor for one third of the interests.
According to the company, the fund invests in operating projects in Japan, such as the 32 MW »Kumenan« solar plant that began operations in 2016, and in which GE EFS previously held a majority stake.
With additional backing by a group of Japanese institutional investors, the fund launched successfully with funding of ¥46.3 billion ($410 million). In the third quarter of this year, GE EFS will look to raise additional commitments to bring the fund to ¥75 billion. Overall, the fund has the potential to increase to ¥90 billion, expanding opportunities to invest in attractive, operating infrastructure assets.
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