Tokyo Century, Kyuden to buy 20-MW solar project in Pennsylvania

Japanese leasing and financing company Tokyo Century Corp (TYO:8439) and its compatriot Kyuden International have signed a deal to each acquire a 50% stake in a 20-MW solar project in Pennsylvania.

Oriden LLC, a US-based renewables developer part of the Mitsubishi Heavy Industries Group, is the vendor, the Japanese firms said on Wednesday.

The project covered by the deal will create a photovoltaic (PV) park that will be operated under a 20-year power purchase agreement (PPA) with Philadelphia Energy Authority. The plant is scheduled to go online in October. Electricity-focused energy solutions provider Kyuden and Tokyo Century will jointly take care of its operations.

Tokyo Century noted it will carry out the acquisition to further expand its overseas business and support the growth strategies in its medium-term management plan for 2027. For Kyuden, the transaction will be its second investment in a renewable energy project in the US following the acquisition of a 40% stake in a 400-MW portfolio of solar parks from Enfinity Global Inc in October 2023.

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