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Joint Implementation of a Feasibility Study of the Offshore Wind Farm Project

Source: 7/27/2016, Location: Asia

Marubeni Corporation (Marubeni) , Obayashi Corporation, Tohoku Sustainable & Renewable Energy Co. Inc., Eco Power Co., Ltd., Akita Bank, The Kansai Electric Power Co., Inc., Chubu Electric Power Co., Inc., and seven local companies based in Akita Prefecture (hereinafter collectively called “Joint Business Partners”) have entered into an agreement to carry out a feasibility study of the Akita Offshore Wind Farm Project (“Project”).

The public offering of the Project at Akita Port and Noshiro Port was made by Akita Prefecture for the purpose of expanding the installation of renewable energy and industrial development, and on February 5, 2015, Marubeni was selected as its potential owner. A bottom-fixed offshore wind farm with an expected output of 145MW (Akita Port: 65MW, Noshiro Port: 80MW) has been planned and the Joint Business Partners have decided to invest in Akita Offshore Wind Farm Corporation, a Special Purpose Company (“SPC”)that was established by Marubeni in April 2016 and to carry out a feasibility study of the Project.

In the event that the SPC reaches the conclusion that the Project is commercially viable as a result of the feasibility stud y, the SPC will make an investment decision for the Project.

Following this, the SPC will gain consensus from the local entities concerned and move the Project to the construction and commercialization stage.

The wind conditions in Akita Prefecture are fairly reliable compared to that of other Japanese prefectures. The SPC will gain the understanding and cooperation of local companies and local entities concerned and continue the feasibility study of the Project for its implementation.

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