NRE currently owns and is developing a pipeline of over 300MW of Japanese solar projects, which will be financed with Japan Solar. Four projects in Oita, Hyogo, Hiroshima and Aomori prefectures totalling 47.5MW have been contracted and will commence construction accordingly. These projects are expected to be followed by a further 110MW of projects during 2014.

NRE develops each project based on the Ministry of Economy, Trade & Industry (METI) fixed-pricedfeed-in-tariff regime, under 20 year power purchase agreements. “Each NRE solar project involves the support of local construction contractors and Japanese utilities, creating sustainable employment in Japanese rural areas and important local community development," said Mr Shoichi Kaneda, NRE director. "We are proud to be supporting the future development of Japan in an environmentally responsible manner.”

The capital raising was co-led by Equis Funds Group and Partners Group and involved the Equis Asia Fund and Equis co-investors Babson Capital, LGsuper and Qantas Superannuation.