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Japan Banks Ante Up to $19 Billion Solar Market

Feb 8, 2013
Source: 
(Bloomberg)

Mitsubishi UFJ Financial Group Inc., Mizuho Financial Group Inc. and Sumitomo Mitsui Financial Group Inc. expect the market to be worth as much as 1.8 trillion yen ($19 billion) over the next three years. That's more than eight times the roughly 223 billion yen of investment into Japanese solar installations in 2012, according to data compiled by Bloomberg.

The subsidy program Japan's government started in July is forecast to turn it into the world's third-largest market for solar power in 2013 behind China and either the U.S. or Italy, according to Bloomberg New Energy Finance. The incentive pays about triple the amounts Germany extends for its solar industries and already has lured solar backers from Goldman Sachs to International Business Machines Corp.