Press Release

Press Release

On the Development Plan for the Woody Biomass Electric Power Plant in Yonago-shi

September 27, 2018
Chubu Electric Power Co.,Inc.
Tokyu Land Corporation
Mitsubishi UFJ Lease & Finance Company Ltd.
New Energy Development Co., Ltd.

Chubu Electric Power Co., Inc. (Headquarters: Higashi-ku, Nagoya City; President & Director: Satoru Katsuno; hereafter "Chubu Electric Power"), Tokyu Land Corporation (Headquarters: Minato-ku, Tokyo; President: Yuji Okuma; hereafter "Tokyu Land Corporation") , Mitsubishi UFJ Lease & Finance Company Ltd. (Headquarters: Chiyoda-ku, Tokyo; President & CEO: Takahiro Yanai; hereafter "Mitsubishi UFJ Lease") and New Energy Development Co., Ltd. (Headquarters: Numata-shi, Gunma Prefecture; Representative Director: Shinya Takahashi; hereafter "New Energy" ) have agreed to invest in the "Yonago Biomass Power Generation LLC" (hereafter "the operating company") as an anonymous association and have, today, concluded a project finance-based loan agreement.

This project to build and operate a single firing biomass power plant with a power output of 54,500kW in Yonago-shi, Tottori Prefecture has been developed by New Energy. Tokyu Land Corporation and Mitsubishi UFJ Lease, through a wholly owned subsidiary, will jointly take charge of asset management while Chubu Electric Power and New Energy will be handling the project management side.

We appreciate the cooperation and understanding of the local community and relevant parties in pushing forth this plan.

[Overview of this Power Plant Project]

Plant Location 

Yonago-shi, Tottori Prefecture; inside the Wadahama Industrial Park

Power output  


Estimated annual generated energy 

Approx. 390 million kWh (equivalent to the electricity demand for approx. 125 thousand households)

Type of fuel 

Wood pellet, palm coconut shell

 Scheduled start of construction

September 2019

Scheduled start of operation 

March 2022

 Investing companies

Chubu Electric Power Co.,Inc.(30%), Tokyu Land Corporation (30%),
Mitsubishi UFJ Lease (30%) , New Energy (10%) 

 Financing companies

Project financing by the following banks: Sumitomo Mitsui Trust Bank (arranger), San-in Godo Bank, Tottori Bank, NTT Finance, Chugoku Bank, Ashikaga Bank, Yamaguchi Bank and others 

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