August 2 (Solar) – Japan’s Daiwa Securities Group Inc (TYO:8601) has set up a fund that will focus on investment in "mega" solar projects in the Asian country.
Daiwa GI Green Fund LLC was formed in partnership with GI Capital Management Ltd and Daiwa Real Estate Asset Management Co Ltd. Its goal will be to support the construction and start-up of large-scale photovoltaic (PV) parks, Daiwa Securities said on Monday.
More specifically, the fund will cover part of the construction costs needed for the pre-construction project phase and will also support the provision of debt financing for the schemes. Its overall committed capital stands at JPY 5 billion (USD 44.9m/EUR 38.6m).
The establishment of the solar fund is part of a larger initiative of Daiwa in the energy and infrastructure sectors. The company already owns Daiwa Energy & Infrastructure Co Ltd (DEI), a fund targeting those two markets. At a later point, Daiwa said it will transfer its interest in the solar fund to DEI.
(JPY 100 = USD 0.897/EUR 0.772)