Mizuho Securities, project bond for self-consignment and solar power of AEON MALL
Formed 6.66 billion yen, invested by Aeon Bank, Sumitomo Life Insurance, Fukoku Life Insurance, etc.
Project bond scheme
(Source: Joint release by Mizuho Bank, Mizuho Securities and Mizuho Leasing)
Distribution map of target power plants
(Source: Joint release by Mizuho Bank, Mizuho Securities and Mizuho Leasing)
Mizuho Securities formed a renewable energy project bond backed by approximately 740 self-consignment low-voltage distributed solar power plants developed for 31 AEON MALL facilities nationwide. The arrangement amount is 6.66 billion yen, and the investors are Aeon Bank, Sumitomo Life Insurance Company, Fukoku Mutual Life Insurance Company, etc. Announced on March 1st.
For this project bond, Mizuho Bank was in charge of organizing and supporting the project bond, and Mizuho Securities provided financing arrangements and advice on scheme construction. The lender is RB Solar Diamond LLC, a special purpose company (SPC) for this project. In addition, Mizuho Lease will make a silent partnership investment in the SPC as a supply of risk money.
The funds raised will be used to repay the existing bridge loan and subordinated bonds that the SPC has procured to acquire the low-voltage solar power plant. We plan to repay the project bond over a long period of time, and provide long-term funds to support the project bond from a financial perspective.
This project will construct a total of 65 MW of low-voltage commercial solar power at approximately 740 locations nationwide, and supply renewable energy to 31 AEON MALL facilities nationwide through self-consignment. Ecostyle (Osaka City) will be in charge of EPC (design, procurement, construction) and O&M (operation and maintenance) services, as well as self-consignment introduction and operational support. It is expected that an average of 10% of electricity per facility will be covered by solar power. All development was completed in November 2022 and self-consignment began.
