February 3 (Renewables Now) - Marubeni Corp (TYO:8002) and several partners have secured financing for two offshore projects in Japanese waters totalling 140 MW, the trading firm announced today.
The two bottom-fixed wind farms will be installed off Akita Port and Noshiro Port in Akita Prefecture, forming an offshore complex estimated at JPY 100 billion (USD 921.4m/EUR 832.7m). The so-called Akita Offshore Wind Corp consortium behind the scheme includes Marubeni, Obayashi Corp, Tohoku Sustainable & Renewable Energy Co Inc, Cosmo Eco Power Co Ltd, The Kansai Electric Power Co Inc, Chubu Electric Power Co Inc, The Akita Bank, Ohmori Co Ltd, Sawakigumi Corp, Kyowa Oil Co, Katokensetsu Co, Kanpu Co and Sankyo Co.
Multiple domestic and foreign lenders took part in the financing round, in which MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corp acted as joint lead arrangers. The exact amount of the funding was not disclosed.
Onshore construction of the projects is slated to begin this month with the installation of the onshore substations and transmission lines. The two power plants will go live in 2022, selling their output to utility Tohoku Electric Power Co (TYO:9506) under a 20-year power purchase agreement (PPA).
Akita Offshore Wind Corp was set up in 2016 as a special purpose company that will handle the construction, operation and maintenance of the offshore wind farms.
(JPY 100 = USD 0.921/EUR 0.833)