RENOVA has finalized its investment decision (FID) in the large-scale biomass power production project being constructed through Karatsu Biomass Energy.
Furthermore, by establishing a funding arrangement with financial institutions, RENOVA has attained a financial close. RENOVA has gained experience through operating and building six wood biomass-fueled power facilities in Japan. Taking advantage of this experience, RENOVA has moved forward with the development of the Karatsu Biomass Project. RENOVA will continue to collaborate with co-sponsors on the development in order to boost the corporate value of the Karatsu Biomass Project.
According to the Memorandum of Understanding on the Transfer of Equity Interests in Karatsu Biomass Energy G.K., which RENOVA has signed with its co-sponsor, JA Mitsui Leasing, RENOVA has the right to acquire equity interests in the special purpose company held by the co-sponsor on or after the completion date of the Karatsu Biomass Power Plant. In the event that this right is exercised, RENOVA’s ownership interest will increase to 51.0 percent.