Published: 05 February 2020 05 February 2020
Marubeni and its partners have secured approximately US$ 921 million in financing to build the 140MW Akita Offshore Wind farm in Japan. The Loan consists of project finance provided by multiple domestic and foreign financial institutions with MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corporation jointly acting as the joint mandated lead arrangers.
Power from the wind farm will be sold to Tohoku Electric Power for 20 years under a power purchase agreement based on the feed-in tariff program. The construction of the onshore substations and transmission lines are expected to start in February 2020 and the commercial operations are expected to start in 2022. During operation, Noshiro Port will be the base port for operations and maintenance. Marubeni’s partners include Obayashi Corp, Tohoku Sustainable & Renewable Energy Co, Cosmo Eco Power Co, Kansai Electric Power Co and Chubu Electric Power Co .