The recent financial close is the first step to begin construction of the 140MW Akita offshore wind farm off the coast of Japan
Marubeni led consortium achieves financial close to build first Japanese offshore wind farm. (Credit: Unsplash/Nicholas Doherty)
UK-based engineering consultancy services provider Mott MacDonald has supported the 140MW Akita offshore wind farm in Japan, in reaching financial close.
A consortium led Marubeni, which is responsible for the construction of the JPY100bn ($910.4m) Akita offshore wind farm, has recently secured financing for the project.
The non-recourse debt financing was secured from a syndicate of Japanese lenders including MUFG Bank, Mizuho Bank, and Sumitomo Mitsui Banking.
The wind farm will be constructed in Akita Prefecture in two phases with the sequential installation of wind turbines between the Akita port and Noshiro port wind farms.
As a technical advisor, Mott MacDonald had supported the developer and Marubeni’s special purpose company Akita Offshore Wind Corporation, during its tendering and procurement phase for the offshore balance of plant (BoP) contract and further conducted technical, commercial and environmental and social due diligence before financial close was achieved.
Mott MacDonald will continue advising Akita Offshore Wind Corporation
The consultancy will continue to work with the developer during the construction and operational phases of the project.
Mott MacDonald Japan business development manager Isao Terasawa said: “This project is a great achievement and first for Japan – and with participation of local stakeholders, it paves the way for development of the Japanese offshore wind industry supply chain.
“We were able to transfer and apply best practice and knowledge from our European and global offshore wind projects into the procurement and due diligence process, which will serve as a benchmark for future in-country projects.”
The construction of the Akita offshore wind farm is expected to begin this month and could achieve full operations in the last quarter of 2022. Noshiro Port will be the base port for operations and maintenance for the wind farm once it comes online.
The power generated from the wind farm will be sold to Tohoku Electric Power under a 20-year power purchase agreement based on a feed-in-tariff programme.
The Marubeni-led consortium includes other members such as Obayashi Corporation, Tohoku Sustainable & Renewable Energy, Cosmo Eco Power, The Kansai Electric Power, Chubu Electric Power, The Akita Bank, Ohmori, Sawakigumi Corporation, Kyowa Oil, Katokensetsu, Kanpu, and Sankyo.