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4-Traders Homepage  >  Equities  >  Tokyo  >  ORIX CORPORATION    8591   JP3200450009

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ORIX CORPORATION : First Japanese Mega-Solar Power Plant on a Former Airport Site

11/27/2012 | 02:53am US/Eastern
First Japanese Mega-Solar Power Plant on a Former Airport Site
- ORIX and Kyudenko team up to promote mega-solar power generation in Kyushu -

TOKYO, Japan - November 27, 2012 - ORIX Corporation (TSE: 8591; NYSE: IX), a leading integrated financial services group, and Kyudenko Corporation today announced the joint launch of a large-scale solar power generation (mega-solar) business on the Japanese island of Kyushu, as part of a strategic partnership.

This initial project will see the installation of a mega-solar power plant with maximum output of 8.5 MW on the former site of Makurazaki Airport (Makurazaki City, Kagoshima Prefecture). This project is the first time in Japan that a former airport site has been utilized for a mega-solar power operation.

Makurazaki Airport opened in January 1991 as Japan's first commuter airport. In light of mounting annual budget deficits for the management and operation of the airport, as well as future fiscal policy and the financial burden faced by residents, Makurazaki City decided to shutter the airport at the end of fiscal 2012 and lease the site to a mega-solar operator.

Following the selection for the project, ORIX and Kyudenko have agreed to work jointly to develop the mega-solar power plant. Several local social contribution measures are also slated. These will include using the terminal building as a space for touring the plant, as well as the installation of environmental education facilities to show how solar power works and an astronomical observatory.

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