Jera and West Holdings Corporation (West HD) are all set to develop 1GW of solar power projects in Japan. The duo has already entered into a partnership for the same.
According to the companies, they will "develop solar power projects for JERA at new sites and at former Jera power plant sites in Japan."
The agreement states that the duo aims for 1GW over four years. It means they will have a total development target of 1GW by the end of 2025.
It has been informed that Jera will become one of Japan’s largest solar power generation producers following the completion of the project.
As per the company, "The two companies will develop, construct, and operate solar power generation projects with the understanding and cooperation of local communities based on consideration for the environment."
Jera further said, "Solar power generation, with its established technology and relatively short construction period, is a promising near-term option for increasing the installed capacity of renewable energy in Japan," a local report quoted.
Meanwhile, Jera has acquired 2.3% of West HD’s outstanding shares, for which it has already done a purchase agreement.
The two companies have also agreed to "explore joint solar power generation business opportunities for third parties in Japan and overseas," it has been stated.