JREC Kamisu biomass project achieves FC
Japan Renewable Energy Corporation (JREC) has signed ¥11.7 billion (US$104 million) project financing with a group of Japanese banks for a 24 MW wood biomass power plant in Kamisu, Ibaraki Prefecture (Japan).
JREC has signed the loan agreement with a syndicate of banks led by Shinsei Bank, which acted as the mandated lead arranger. Joyo Bank is the co-arranger, while Ashikaga Bank and Shonai Bank joined as lenders.
Construction on 24 MW wood biomass power plant in Kamisu began in June 2017 and is expected to be completed in May 2019.
Additionally, JREC has plans to develop at least 10 new biomass power facilities, which would involves an expected investment of some ¥40 billion (US$356 million).
The government of Japan has plans to triple the country’s biomass power generation capacity by 2030. Furthermore, according to the ministry of economy, trade and industry, Japan has set targets of increasing renewable energy’s share of the power generation mix to 24% by 2030.
