Shinsei planning $2bn of loans for clean energy in Japan
Shinsei Bank is planning to provide up to 200 billion yen (US$2 billion) in loans for clean energy projects in Japan
Shinsei Bank is planning to provide up to 200 billion yen (US$2 billion) in loans for clean energy projects in Japan.
The bank is a lender for Goldman Sachs Group and is one of a group of lenders who are increasing their investments in renewable energy projects after the Japanese government introduced an incentive programme two years ago.
The bank helped finance a 40-megawatt (MW) solar-power installation in Ibaraki prefecture and a 16 MW wind farm in Yamagata.
Japan’s solar market is one of the fastest growing in the world in terms of added capacity this year, according to Bloomberg New Energy Finance.
The bank has committed to fund about 250 MW of solar projects, according to officials and this is expected to increase to around 300 MW, worth about 75 billion yen in lending, later this year.
Shinsei is targeting a total of 150 billion yen to 200 billion yen in loans for renewable projects in Japan by March 2016.
The bank is also looking at wind, biomass and geothermal projects as it wants to diversify lending targets.
According to Shinsei executives, the bank may provide lending for a Dutch offshore wind farm and a U.K. biomass project.