News Article
GLP to Invest US$82 Million in Rooftop Solar Panels in Japan
Global Logistic Properties Limited a global provider of modern logistics facilities has announced that it will install solar panels on the rooftops of 22 properties in Japan.
GLP has qualified for the new feed-in-tariff scheme recently introduced by Japan's Ministry of Economy, Trade and Industry, under which property owners who meet certain criteria are able to install solar panels on their properties and sell the electricity generated to utility companies. Under the program, GLP will receive JPY40 (US$0.44) per kWh over a 20-year period.
Yoshiyuki Chosa, President of GLP Japan, said, "As a leading developer of large-scale, modern and environmentally friendly logistic facilities, we are delighted to announce the launch of this exciting project. In addition to promoting renewable energy generation, the solar panels create a new revenue stream for GLP." GLP will install solar panels on 305,000 sq m (3.3 million sq ft) of rooftop space over 22 buildings for an estimated total investment of JPY 7.4 billion (US$82 million). GLP expects to generate a levered IRR of approximately 17% on the investment.
GLP expects to use solar panels produced by Yingli Green Energy Holding Company Limited. The solar panels are estimated to generate a total of 29.6 megawatts (MW) per hour or 29,000 MW per annum, enough to power approximately 5,300 households each year. The installation is scheduled to commence April 2013, with the panels expected to be fully operational March 2014.