Discussions with financiers are ongoing and we are optimistic of reaching financial closure in early Q2. Ultimately, the entire pipeline is scheduled to be operational before the end of the year.

For reference, this project is a result of a World Bank tender won jointly by Graess and a strong financial partner. Our team had completed detailed engineering for the installation and now another partner of ours has undertaken the site works. This is the largest and most significant solar project in the country.

We have signed a Memorandum of Understanding with local development partners and are currently working on hundreds of MWs of potential capacity. We have also entered into an agreement with a highly experienced finance structuring provider to assist us in realising these projects.

In this instance, our partners and us have dedicated ourselves to several projects north of Tokyo, one of which is now on the verge of achieving “ready-to-build” status. This plant with circa 28 MWp already has a highly reputable European investor on board, which is why we are confident the construction will be able to commence in the coming months.

We are adapting to this latest market trend by formalising a cooperation with an experienced European partner and a reputable local developer. Together we shall continue our efforts to develop utility-scale ground-mounted solar parks. So far, there have been discussions regarding 3 projects between 40MW and 100MW.