Japanese renewable power producer Renova Inc has closed the financing for the 74.95-MW Sendai-Gamo Biomass Power Plant project located in Miyagi prefecture, Japan.
The company made a final investment decision for the project and signed a financing agreement with a group of lenders. Sumitomo Mitsui Trust Bank Ltd and Resona Bank Ltd acted as lead arrangers, while JA Mitsui Leasing Ltd served as mezzanine lender.
The plant will use wood pellets and palm kernel shells (PKS) as a fuel source. Its annual output is estimated at about 553,300 MWh, or enough to meet consumption needs of approximately 170,000 households each year. Commissioning is planned for November 2023.
With 29%, Renova is the largest shareholder and has the right to buy the 31% combined interest held by Mizuho and RenoDa after the facility is built.
