Renova, Inc. has made a final investment decision for Ishinomaki Hibarino Biomass Energy GK as the operator of the Ishinomaki Hibarino Biomass Power Generation Project. In addition, Renova has reached a financial close by signing a financing agreement with financial institutions.
Renova has been accumulating knowledge through development and operation of wood biomassfueled power plants in the Akita Biomass Project, under which the power plant has been in healthy operation since its completion, as well as in the Kanda Biomass, Tokushima-Tsuda and Omaezakikou Biomass Projects, where construction is in progress. Renova has forged ahead with development in the Ishinomaki Hibarino Biomass Project by taking advantage of this knowledge.
Renova will work on the development together with three co-sponsors, namely Tokyo Gas Co., Ltd., United Purpose Management, Inc. and Mizuho Leasing Co., Ltd., in an effort to increase the corporate value of the Ishinomaki Hibarino Biomass Project.
By means of power plant construction and business operation, Renova will contribute to local and financial revitalization in the area centering on the city of Ishinomaki through job creation and the revitalization of port and harbor, as it seeks to achieve collaborative creation in partnership with local communities.
Renova holds the right to additionally acquire 13% equity in the special purpose company owned by co-sponsor Mizuho Leasing Co., Ltd., on or after the date of completion of the Ishinomaki Hibarino Biomass Power Plant, in accordance with the Memorandum of Understanding on Transfer of Equity Related to Ishinomaki Hibarino Biomass Energy GK that Renova has entered into with Mizuho Leasing Co., Ltd. In the event of exercising this right, Renova’s ownership interest will be 51%.
