GE Energy Financial Services has raised the solar energy fund in Japan to invest in Japanese solar power projects. Development Bank of Japan Inc. has committed as the anchor investor for one third of the interests.
With additional backing by a group of Japanese institutional investors, the fund launched successfully with funding of JPY 46.3 billion. In the third quarter of this year, GE EFS will look to raise additional commitments to bring the fund to JPY 75 billion. Overall, the fund has the potential to increase to JPY 90 billion, expanding opportunities to invest in attractive, operating infrastructure assets.
"We are pleased to partner with DBJ and other leading Japanese institutional investors to create this new vehicle in Japan," said David Nason, President & CEO, GE EFS. "This renewable energy infrastructure investing platform marries the energy investing and market expertise of GE EFS with strong local partners. It provides an important new source of capital to meet the energy needs of Japan with clean, renewable solar power."