Equis Development Pte Ltd, a leading developer of renewable energy and waste infrastructure in the Asia-Pacific region, announced that it has raised a US$282 million non-recourse project for the 50-megawatt (MW) Niigata Toko Biomass Power Plant in Niigata, Japan Financing.

The financing of this non-recourse project was pledged by 14 syndicated banks and insurance companies led by Sumitomo Mitsui Trust Bank and North Vietnam Bank. On-site construction will begin in May 2022 and commercial operations will begin in October 2024. This project is Equis's third sustainable biomass project in Japan.

Equis divested 20% of the project and formed a joint venture with Tohoku Electric Power (Tohoku Electric). Tohoku Electric will act as the owner’s engineer during the design and construction of the project. It will operate the project under a long-term operation and maintenance agreement. The project will generate electricity from sustainable wood pellets or palm kernel husks and pass the chain of custody certification of an independent certification body. These have been approved by the Ministry of Economy, Trade and Industry, and a large Japanese trading company provides contracts based on a fixed quantity and fixed price for 20 years.

The energy generated by the project will meet the needs of approximately 117,000 households and will reduce nearly 190,000 tons of greenhouse gas emissions each year.

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Hiroyuki Moriuchi, Equis Investment Director in Japan, said: “We are very pleased to cooperate with Tohoku Electric Power Company, the largest power producer in the region, to provide Niigata with a modern and clean baseload renewable energy project.” “As the project owner’s engineer, As an operation and maintenance provider, Tohoku Electric Power is well respected in the region with a community-first approach. The 50 MW Niigata Toko Biomass Power Plant is Equis’s third sustainable biomass project in Japan. In the long run, It will use the existing industrial infrastructure to create opportunities for local communities." Moriuch added.Editor/Baohongying