27 °C Singapore, SG
April 13, 2024
Latest News
Corio Generation and bp Alternative Energy Investment Ltd invest in South Korea Australia missing climate targets Advocating for US based offshore wind Broken Record, Temperatures hit new highs, yet world fails to cut emissions (again) Toshiba and GE to shore up Japanese offshore wind domestic supply chain How I got here… National University of Singapore green finance academic Sumit Agarwal Multi-billion-dollar renewables project earmarked for Yindjibarndi native title land Smart Energy Finances: Enel divests 50% of Australian renewable operations to Japanese oil and gas giant Critical minerals investments surged by 30% finds IEA Kung Fu nuns fight climate change One of Southeast Asia’s largest energy storage systems comes online Why turning waste into gas will add value to this Indigenous economy Renewable energy records tumble around Australia as rooftop solar power soars Topsoe supports SGP BioEnergy in renewable fuels production in Panama ‘Poor tropical regions’ suffer greatest economic damage from worsening heatwaves UNEP: Meeting global climate goals now requires ‘rapid transformation of societies’ Analysis: Africa’s unreported extreme weather in 2022 and climate change Partly wind-powered coal ship sails into Newcastle New fossil fuels ‘incompatible’ with 1.5C goal, comprehensive analysis finds Australian offshore wind ‘supercharged’ in Victoria as billions pledged to fast-track projects Goldwind turbine ‘breaks world record for largest rotor diameter’, Chinese media reports BW Ideol to work with developer Taiya on Taiwan floating wind pilot US to boost floating wind power Wind Power in South Korea – an overview GS E&C to develop bioethanol using cassava waste Korean business group has asked the US to make exceptions for Korean EV’s in Inflation Reduction Act 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

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