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Renova reaches fin close on 75-MW biomass project in Japan

Wood pellets. Author: U.S. Department of Agriculture. License: Creative Commons, Attribution 2.0 Generic

June 28 (Renewables Now) - A group led by Japanese renewables developer Renova Inc has achieved the financial close for the 75-MW Kanda biomass power generation project in Fukuoka prefecture.

Renova developed this project and has a 43.1% stake, while Sumitomo Forestry Co Ltd (TYO:1911) holds a 41.5% interest. The other investors are Veolia Japan KK with 10%, Kyuden Mirai Energy Co Inc with 5% and Mihara Group KK with 0.4%.

The facility will be built in Kanda-machi, Miyako-gun, and will use, in part, thinned wood as a fuel source.

In a separate statement, Canada-based wood pellet producer Pinnacle Renewable Holdings Inc (TSE:PL) said it has entered into a long-term contract to deliver 170,000 tonnes of industrial wood pellets per year to Japanese trader Toyota Tsusho Corp (TYO:8015), starting in 2021, for use by the Kanda biomass plant.

Pinnacle also announced a similar deal with a subsidiary of CGN New Energy Holdings Co Ltd (HKG:1811) in South Korea. More specifically, CGN Daesan Power Co Ltd will be receiving 315,000 tonnes of industrial wood pellets a year as of 2021, also for use by a biomass power generation facility.

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Browse all articles from Ivan Shumkov

Ivan is the mergers and acquisitions expert in Renewables Now with a passion for big deals and ambitious capacity plans.

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