The two bottom-fixed wind projects will be installed at Akita Port and Noshiro Port of Akita Prefecture in Japan

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Marubeni secures funding for two offshore wind projects in Japan. (Credit: Pixabay/Bente J√łnsson)

Japan-based Marubeni along with its partners have secured financing of the construction of two offshore wind projects totalling 140MW in Japan.

The two bottom-fixed wind projects will be installed at Akita Port and Noshiro Port of Akita Prefecture in Japan at an estimated cost of 100bn Japanese Yen ($920.9m).

Established in 2016, Akita Offshore Wind will be responsible for the construction, operation and maintenance of the offshore wind farms.

The partners in the special purpose company Akita Offshore Wind include Marubeni, Obayashi, Tohoku Sustainable & Renewable Energy, Cosmo Eco Power, The Kansai Electric Power, Chubu Electric Power, The Akita Bank, Ohmori, Sawakigumi, Kyowa Oil, Katokensetsu, Kanpu and Sankyo.

Noshiro Port will be the base port two offshore wind projects

Loan for the projects was secured from many domestic and foreign financial institutions, in which MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking acted as joint mandated lead arrangers.

The wind projects, which are expected to be the first large-scale offshore wind power project in Japan, include bottom fixed offshore wind farm, the onshore substation and transmission lines.

Work will begin this month with the installation of the onshore substations and transmission lines while operations are estimated to commence in 2022.

Marubeni said that the Noshiro Port will be the base port for operations and maintenance of the two offshore wind projects.

The total electric output of the wind farms will be sold to Tohoku Electric Power for 20 years under a power purchase agreement (PPA) based on the feed-in tariff program.

Recently, Marubeni, through its special purpose company founded with Siraj Energy and Total Solar International, has signed a PPA with Qatar General Electricity and Water (KAHRAMAA) to supply power from the 800MW Al Kharsaah Solar plant.

The special purpose company in which Marubeni, Total and Siraj own 20.4%, 19.6% and 60% stakes, respectively, will develop, construct, operate and maintain the solar plant.