Under the terms of the accord, SPI Solar Japan will also acquire the land dedicated for the project in Sukagawa City, Fukushima Prefecture, Japan.
The agreement also includes an option for SPI to develop up to 3MW of additional capacity on the same site.
Construction work is scheduled to commence in April 2015 and the project will be completed and connected to the grid in April 2016.
SPI chairman Xiaofeng Peng said: "This agreement marks a significant expansion of SPI’s solar project development activities in Japan following our entry into this highly attractive market in September 2014.
"Through this substantial acquisition, we have demonstrated SPI’s ability to execute large-scale project development in one of SPI’s core markets globally."
