Spain's Gestamp Solar to Invest $1.16-Billion in Japan

Spain's Gestamp Solar plans to invest nearly 90 billion yen ($1.16 billion) in solar plants and panels in Japan over the next three years.

In its foray into Japan's renewable energy sector, Gestamp Solar has signed an accord with Kankyo Keiei Senryaku Soken to build and operate rooftop photovoltaic installations with a capacity of 30 MW.

The two companies have set a goal of achieving 300 MW in generating capacity within three years through a combination of rooftop and ground-mounted projects, Gestampo Solar CEO Jorge Barredo said in a press conference in Tokyo.

Of that capacity, 70 percent over the long term would come from rooftop projects, Barredo said, adding that that goal is "realistic and achievable".

In addition to its partnership with Kankyo Keiei Senryaku Soken, the Spanish firm is currently in talks with other companies in Japan, a market Barredo said Gestamp Solar is in "for the long haul."

The Spanish company is planning to start building the solar installations before year's end with the goal of having its first plant up and running before the close of March 2013.

Gestamp Solar also is in talks with supermarkets and other commercial outlets to install solar panels on some 40 or 50 surfaces.

The company, a unit of Gestamp Renewables, specializes in the development, construction, operation and maintenance of solar parks and has developed photovoltaic installations with more than 500 MW of generating capacity in 13 countries, including the US, Spain, Peru and Chile.