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February 4, 2020

Marubeni secures loan for $921m offshore wind farm project in Japan

Japanese integrated trading and investment company Marubeni has secured a loan of JPY1bn ($921m) for the construction and operation of two offshore wind farms.

Japanese integrated trading and investment company Marubeni has secured a loan of JPY1bn ($921m) for the construction and operation of two offshore wind farms.

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Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
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With a total capacity of 140MW, the wind farms will be built at Akita Port and Noshiro Port in Akita Prefecture.

The loan was secured through Akita Offshore Wind Corporation (AOW), a special purpose company established in 2016.

To finance the projects, Marubeni has signed a loan agreement with a number of banks and financial institutions.

The loan includes project finance that has been offered by various domestic and foreign financial institutions through MUFG Bank, Mizuho Bank and Mitsui Banking Corporation.

The loan will be used for the construction of bottom-fixed offshore wind farm, as well as the onshore substation and transmission lines.

Once completed, the project will become the first large-scale offshore wind power project in Japan.

Based on the feed-in tariff programme, the clean energy generated by the facilities will be sold to Tohoku Electric Power Co under a 20-year power purchase agreement (PPA).

The construction works at the site are expected to begin this month and the wind power facilities are scheduled to commence commercial operations by 2022.

Once operational, Marubeni plans to use Noshiro Port as the base port for operations and maintenance.

Marubeni secured the project by participating in Akita Prefecture’s Public Offering for the Offshore Wind Farm Project and was selected as the potential main owner or operator in February 2015.

Marubeni established AOW, conducted a feasibility study and reached a decision to build the offshore wind farm.

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Free Report
img

Wind Power Market seeing increased risk and disruption

The wind power market has grown at a CAGR of 14% between 2010 and 2021 to reach 830 GW by end of 2021. This has largely been possible due to favourable government policies that have provided incentives to the sector. This has led to an increase in the share of wind in the capacity mix, going from a miniscule 4% in 2010 to 10% in 2021. This is further set to rise to 15% by 2030. However, the recent commodity price increase has hit the sector hard, increasing risks for wind turbine manufacturers and project developers, and the Russia-Ukraine crisis has caused further price increase and supply chain disruption. In light of this, GlobalData has identified which countries are expected to add the majority of wind power capacity out to 2030. Get ahead and download this whitepaper for more details on the current state of the Wind Power Market.
by GlobalData
Enter your details here to receive your free Report.

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