Aquila Capital has invested in an energy-storage facility in Japan on behalf of institutional investors.

The manager paid in the “three-digit-million-euro range” for the photovoltaic park project in Tomakomai, Hokkaido.

The deal is the company’s second investment in the country.

The park will be one of the largest PV plants in Japan.

Construction of the park, which will have 38.4 MWp once connected to the grid in 2018, began in July. 

Green Power Development Corporation of Japan developed the project with GI Capital Management, the asset manager, while Mizuho Bank will secure financing. 

Boris Beltermann, responsible for Aquila Capital’s solar business in Japan, said: “Solar PV in the renewables market in Japan has gained significant importance over the past few years.”