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Japanese Offshore Wind Market Gaining Momentum

The Japanese offshore wind market is gathering momentum: Marubeni Corp. and partners have signed a project financing agreement with various banks to build offshore wind farms in the north of the country.

Image: PixabayImage: Pixabay

The planned offshore wind farms off the ports of Akita and Noshiro in Akita Prefecture are the first large commercial offshore wind power projects in Japan to date. The wind farms are expected to have a total capacity of 140 megawatts, for which Marubeni and partners have now generated around 921 million dollars, according to the news agency Reuters.

The work, which is expected to be completed in 2022, includes the construction of offshore turbines, as well as substations and transmission lines to the coast. The port of Noshiro will become the base for operation and maintenance. The generated power will be sold to Tohoku Electric Power for 20 years under a PPA based on the feed-in tariff program.

Loan agreements to finance the project have been concluded with domestic and foreign financial institutions.

Windfair Staff
Japan, offshore, wind farm, construction, loan, finances, investor, Marubeni, turbine, capacity

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