Japanese green energy projects get Goldman Sachs investment

Could invest up to US$2.9 billion over the next five years.

Global investment banking and securities firm Goldman Sachs believes that a long-term scheme in Japan to buy renewables at fixed rates will provide a stable source of income.

Goldman Sachs recently established a wholly owned renewable energy management firm in Tokyo. Its first move will be to invest in megasolar facilities in Ibaraki Prefecture that will be built for US$127 million and provide a total of 40MW of power, enough to supply 12,000 households.

Construction is to begin next month, with operations slated for 2015. Power will supplied to Tokyo Electric Power Company over an expected span of 20 years.

Goldman Sachs plans investments of up to US$2.9 billion in Japanese green energy, including wind power, by 2018.