Mito is a 9.3 megawatt ("MW") utility-scale solar photovoltaic ("PV") power project including five sites in the Ibaraki Prefecture. The Mito project includes a total of 28.3 hectares and is expected to produce a total of approximately 10.5 million kWh of solar electricity per year. The solar project is owned 87% by Etrion and 13% by Hitachi High-Technologies Corporation ("Hitachi High-Tech") (TSE: 8036), a subsidiary of Hitachi, Ltd.
The project was built by Hitachi High-Tech using Canadian Solar poly-crystalline PV modules, fixed-tilt technology and Hitachi inverters. The project company has entered into a long-term, fixed-price operation and maintenance agreement with Hitachi High-Tech.
The Mito project company has also entered into a 20-year power purchase agreement ("PPA") with Tokyo Electric Power Company ("TEPCO") under which the project will receive ¥40 per kilowatt-hour ("kWh") of electricity produced. Sumitomo Mitsui Trust Bank, Limited provided 80% of the financing for the project with an 18-year, non-recourse loan.
