30 °C Singapore, SG
September 24, 2022
Latest News
US to boost floating wind power Wind Power in South Korea – an overview Korean business group has asked the US to make exceptions for Korean EV’s in Inflation Reduction Act GS E&C to develop bioethanol using cassava waste Equinor’s Australian offshore wind debut Global energy transition stalls – 2022 Global Status Report in pictures India’s ReNew Power secures $1bn loan for gigascale 24/7 wind-solar-battery project POSCO International to merge with POSCO Energy Is the answer to Australia’s high electricity prices blowing in the wind? The Arctic has warmed ‘nearly four times faster’ than the global average Customer-centric demand response a key solution for Japan’s energy transition challenges Asia-Pacific forecast to reach 1 billion smart electricity meters by 2026 – study Polestar CEO Wants to Build O2 Electric Roadster Joanne Khew shifts from Standard Chartered Bank to ESG role at Eastspring Investments HCM City eyes advanced waste-management technologies Transitions to efficient LED lighting can mitigate the energy crisis New biobattery: using bacterial interactions to generate power European passenger plugin car market is still expanding Air Canada takes off with sustainable aviation fuel from San Francisco BrightNight expands into Australia GE Awarded 9HA Gas Turbine Order to Deliver Approximately 2 Gigawatts of Electricity in Guangdong, China Taking Action: Energy-Related Climate Change Mitigation Policies in ASEAN Meralco floats a tender of 850 MW renewable energy capacity Genex starts construction at flagship pumped hydro storage project GM bets on fuel-cell as battery shortcomings hamper clean energy transition Masdar and Cosmo Energy to explore renewable initiatives in Japan El Salvador Eyes Major Renewables Push Under New Partnership with IRENA Iberdrola eyes 3.5GW offshore wind in Philippines BP and Maersk successfully carry out marine biofuel trials The Korean way towards green growth

Marubeni secures loan for $921m offshore wind farm project in Japan

Japanese integrated trading and investment company Marubeni has secured a loan of JPY1bn ($921m) for the construction and operation of two offshore wind farms.

With a total capacity of 140MW, the wind farms will be built at Akita Port and Noshiro Port in Akita Prefecture.

The loan was secured through Akita Offshore Wind Corporation (AOW), a special purpose company established in 2016.

To finance the projects, Marubeni has signed a loan agreement with a number of banks and financial institutions.

The loan includes project finance that has been offered by various domestic and foreign financial institutions through MUFG Bank, Mizuho Bank and Mitsui Banking Corporation.

The loan will be used for the construction of bottom-fixed offshore wind farm, as well as the onshore substation and transmission lines.

Once completed, the project will become the first large-scale offshore wind power project in Japan.

Based on the feed-in tariff programme, the clean energy generated by the facilities will be sold to Tohoku Electric Power Co under a 20-year power purchase agreement (PPA).

The construction works at the site are expected to begin this month and the wind power facilities are scheduled to commence commercial operations by 2022.

Once operational, Marubeni plans to use Noshiro Port as the base port for operations and maintenance.

Marubeni secured the project by participating in Akita Prefecture’s Public Offering for the Offshore Wind Farm Project and was selected as the potential main owner or operator in February 2015.

Marubeni established AOW, conducted a feasibility study and reached a decision to build the offshore wind farm.

Source