Japanese renewable energy firm RENOVA has announced its large-scale biomass power generation project has reached financial close.
The company signed a financing agreement that will allow it to work on the development of the Ishinomaki Hibarino Biomass Project along with three co-sponsors, Tokyo Gas Co, United Purpose Management and Mizuho Leasing Co. Renova has the largest share in the project (38%) and the right to buy the stake held by Mizuho Leasing on or after the date of completion of the plant.
The new biomass facility will be located in Japan's Miyagi prefecture and will have a capacity of 74.95MW. It will use wood pellets and palm kernel shells as a fuel source and generate approximately 530,000 megawatt-hours annually, enough to power approximately 170,000 households.
Construction is expected to be completed in November 2020, with operations starting in May 2023.