Orix enters JV to develop 100-MW offshore wind project

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Japanese financial services group Orix Corporation is to join two other companies to develop a large-scale offshore wind farm off Kashima Port in Kamisu City, Ibaraki Prefecture.

Wind Power Group KK, a member of the Komatsuzaki Group, and SB Energy Corporation, are the other companies in the group. Orix has also completed equity investment into special purpose vehicle.

The proposed offshore wind farm will comprise 20, 5-megawatt wind turbines. It will be the largest commercial offshore wind farm in Asia and Japan with the capacity to generate 245 million kilowatt hours of electricity annually. The wind farm will be capable of maximum output of 100 megawatts.

Wind Power Energy KK will plan and construct the project, according to a statement. Earlier this month, Orix, along with Kyudenko Corporation, Beltecno Energy Corporation, Kyuden Mirai Energy and Hokuto Electrical, launched Renatus Soma Solar Park.

The special purpose company is to construct a large-scale onshore solar power plant in Isobe district of Soma City, Fukushima Prefecture with maximum output of 52.5 MW.

In 2011, Isobe district was struck by tsunami which followed the Great East Japan Earthquake and the land was rendered barren by the increase in soil salinity due to infiltration of sea water.

With the soil not supporting agriculture the government had approved use of farmland for non-farming purposes in March. In the wake of the approval, the special purpose vehicle led by Kyudenko had entered into land use agreements with landowners, Orix has reported.

Recently Goldman Sachs announced support for developing renewable energy projects in Japan by facilitating issue of green bonds for a total of $1 billion.

In August 2012, Goldman had established Japan Renewable Energy, which builds and operates renewable energy platforms.

The company will be facilitating the investment grade-rated securitized renewable energy bonds for institutional investors as a product of Japan Renewable Project Bond Trust.

Ajith Kumar S

[email protected]

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