Enfinity Global, a renewable energy firm based in Miami, Florida, has secured US$195 million in long-term financing for a 70-megawatt solar power plant in Japan.

Nomura Securities International acted as initial lead arranger and sole bookrunner while Japanese commercial bank Aozora Bank acted as lead arranger and agent.

Located in Aomori Prefecture in northern Japan, the recently operational solar power plant is expected to produce more than 75 gigawatt-hours of clean energy annually, enough to supply 11% of Aomori City’s residential energy demand, or about 15,600 households, and offset 35,000 tonnes of carbon dioxide emissions annually.

Vinod Mukani, head of Nomura’s infrastructure and power business, says: “Nomura is excited to provide a bespoke financing solution to support Enfinity Global in its goal of helping Japan reach carbon neutrality.”

The plant is part of the 250MW solar PV portfolio owned by Enfinity Global in Japan.

“We are committed to supporting Japan’s plan to become carbon-neutral by 2050 by leveraging our global capabilities and being a long-term investor. We appreciate the confidence of our financing partners, Nomura and Aozora,” says Enfinity Global chief executive officer Carlos Domenech. “Japan is at an inflection point where clean energy has become a competitive necessity.”

Last month Enfinity Global announced the successful completion of a minority stake sale in its 400MW US operating portfolio to Japanese utility firm Kyushu Electric Power. Kyushu Electric now has a 40% equity interest in the portfolio, which includes 28 operational solar PV power plants in California, North Carolina, and Idaho, while Enfinity Global retains 60% and serves as the portfolio’s long-term asset manager.