Chubu Electric Power Co.,Inc. | Development of 50-MW Wood-Burning Biomass Power Plant in Kamisu City, Ibaraki Prefecture with Tentative Operation Commencement Date of July 2023 - Press Releases(2019)
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Press Release 2019

Development of 50-MW Wood-Burning Biomass Power Plant in Kamisu City, Ibaraki Prefecture with Tentative Operation Commencement Date of July 2023

September 30, 2019

Chubu Electric Power Co.,Inc.
Mitsubishi UFJ Lease & Finance Company Limited
Solariant Capital LLC
Bio Fuel Co., Inc.

Chubu Electric Power Co., Inc. (President Satoru Katsuno; head office in Higashi-ku, Nagoya city; “Chubu Electric Power”), Mitsubishi UFJ Lease & Finance Company Limited (President & CEO Takahiro Yanai; head office in Chiyoda-ku, Tokyo; “Mitsubishi UFJ Lease & Finance”) and Bio Fuel Co., Inc. (President & CEO: Akira Okamoto; head office in Koto-ku, Tokyo; “Bio Fuel”) announce today that they reached an agreement to invest in Kamisu Biomass Power Generation LLC (“Project Company”), which was established by Solariant Capital LLC (President Daniel Kim; head office in Minato-ku, Tokyo; “Solariant”), and that the Project Company concluded a project financing agreement.

The Project Company will construct and operate a wood-burning biomass power plant in Kamisu city, Ibaraki Prefecture that will generate 50 MW.

The target operation commencement date is July 2023 and the project will proceed with the understanding and cooperation of the community residents as well as the various entities concerned.

Profile of Kamisu Biomass Plant

Location of power generation facility

Okunoyahama Industrial Park,
Kamisu City, Ibaraki Prefecture

Power output

50MW

Projected annual output

Approx. 350 MWh (equivalent to amount consumed by 110,000 ordinary households)

Fuel type

Palm kernel shells

Construction start date

December 2020

Operation start date

July 2023

Investors

Chubu Electric Power (45%), Mitsubishi UFJ Lease & Finance (44%),Solariant (6%) and Bio Fuel (5%)

Financing

Project financing arranged through Sumitomo Mitsui Trust Bank, Limited

Company Profiles

【Kamisu Biomass Power Generation LLC】

Establishment:August 2016

Location:Toranomon Hills Mori Tower 18F, 1-23-1 Toranomon, Minato-ku, Tokyo

Representative:Senior Partner Solariant Capital LLC; President Daniel Kim

Business description:Designing, planning and managing renewable energy power generation projects, etc.


【Chubu Electric Power Co.,Inc.】

Establishment:May 1951

Location:1, Higashi-shincho, Higashi-ku, Nagoya-shi, Aichi Prefecture

Representative:President & Representative Director Satoru Katsuno

Business description:Electricity and ancillary businesses, gas business, community support infrastructure projects, etc.


【Mitsubishi UFJ Lease & Finance Company Limited】

Establishment:April 1971

Location:Shin-Marunouchi Building, 5-1 Marunouchi 1-chome, Chiyoda-ku, Tokyo

Representative:President & CEO Takahiro Yanai

Business description:Property leasing, property installment sales, various types of financing, international business


【Solariant Capital LLC】

Establishment:November 2015

Location:Toranomon Hills Mori Tower 18F, 1-23-1 Toranomon, Minato-ku, Tokyo

Representative:President Daniel Kim

Business description:Designing, planning and managing renewable energy power generation projects, etc.


【Bio Fuel Co., Inc.】

Establishment:March 2005

Location:30-13 Toyo 5-chome, Koto-ku, Tokyo

Representative:President & CEO: Akira Okamoto

Business description:Planning, designing, constructing, operating, servicing and maintaining fuel processing facilities, developing renewable energy resources, natural energy surveying and consulting, etc.