September 30 (Renewables Now) - Japan's Mitsubishi UFJ Lease & Finance (TYO:8593) announced today that together with three other partners it will invest in the development of a 50-MW biomass project in Ibaraki prefecture.
The plant will be implemented through Kamisu Biomass Power Generation LLC, a joint venture (JV) between Mitsubishi UFJ, electric utility Chubu Electric Power Co Ltd (TYO:9502), Solariant Capital LLC and Bio Fuel Co Ltd.
According the press release, the JV has also secured a loan arranged by Sumitomo Mitsui Trust Bank.
Scheduled to break ground in December 2020, the biomass plant is expected to generate some 350 million kWh of clean electricity per year through the use of palm kernel shells. Commission is intended for July 2023, Mitsubishi pointed out.