The special purpose company Akita Offshore Wind Corporation (AOW) has signed a project finance agreement with several banks - MUFG Bank, Mizuho Bank and Sumitomo Mitsui Banking Corporation - through (Japan) to support the construction, operation and maintenance of offshore wind projects totalling 140 MW of capacity at Akita Port and Noshiro Port in Akita Prefecture (Japan).
The Akita Offshore Wind Corporation includes Marubeni, Kansai Electric, Chubu Electric, Tohoku Sustainable & Renewable Energy, Obayashi Corporation, Cosmo Eco Power, the Akita Bank, Ohmori, Sawakigumi Corporation, Kyowa Oil, Katokensetsu, Kanpu, and Sankyo. The JPY 100bn (US$917m) project is expected to be the first large-scale commercial offshore wind complex in Japan. The construction of the onshore substations and transmission lines is expected to start in February 2020 and commercial operations are expected to start in 2022. The project has already secured a 20-year PPA with Tohoku Electric Power.