Mitsubishi Corporation is reassessing its plans for three offshore wind power projects in Japan, totaling 1,742 megawatts of capacity. The company cited economic factors such as inflation, a declining yen, supply chain disruptions, and rising interest rates as reasons for the review. Additional challenges from the Ukraine crisis and the pandemic have also impacted the offshore wind industry, leading Mitsubishi to reconsider its approach. The projects under review include the 494-megawatt Noshiro Mitane Oga and the 845-megawatt Yurihonjo offshore wind projects, both planned off the coast of Akita Prefecture. The third project, the 403-megawatt Choshi offshore wind farm, is set…
Author: Lakshita Kapoor
Shizen Energy Inc. has signed a $6.67 million (JPY 1 billion) project finance agreement with Daishi Hokuetsu Bank, Ltd. to develop four solar power plants in Niigata and Yamagata prefectures. The total installed capacity of these plants will be 6.7 megawatts. According to Shizen Energy, the electricity generated from these plants will be supplied to five Bourbon Corporation factories in Niigata Prefecture. This will be done through an off-site corporate power purchase agreement signed in 2024. Three of the four solar power plants have already started operations and are supplying electricity, while the remaining plant in Niigata is expected to…
ORIX Corporation has completed the installation of approximately 23.4 megawatts of solar power systems for Kansai Airports, Japan. The project was carried out through a special purpose company, and the renewable energy generated will be supplied under a power purchase agreement starting on February 1. The solar installation consists of a ground-mounted solar plant and a rooftop system on the international cargo building at Kansai International Airport, with a combined capacity of 22.8 megawatts. An additional 0.6-megawatt rooftop solar system has been installed on the terminal building at Osaka International Airport. These solar facilities are expected to generate around 27,754…
ACEN has approved a short-term loan of $510,200 (PHP30 million) to Pagudpud Wind Power Corp. The loan agreement was executed last week, according to a company disclosure. Pagudpud Wind Power Corp. is developing a 160-megawatt wind farm in Pagudpud, Ilocos Norte, Philippines. This will be ACEN’s third wind project in the province. Once completed, it is expected to be the largest wind farm in the Philippines. The project is being built in phases. The first phase was completed in 2023. Construction of the second phase is ongoing. Pagudpud Wind Power secured a long-term market through the Department of Energy’s Green…
Japan’s liquefied natural gas (LNG) imports continued to decline in 2023, falling by 0.4% to 65.9 million metric tons (mt). Shipments from the United States increased, while imports from Russia decreased. Japan remains the world’s second-largest LNG buyer after China. Naohiro Maekawa, an executive officer at JERA, Japan’s top LNG buyer, said that “an increase in U.S.-produced gas exports would improve Japan’s energy security. Japan does not have its own large-scale energy resources and relies on imports for its energy supply.” After returning to office on January 20, U.S. President Donald Trump ordered the U.S. Energy Department to resume LNG…
Madrid-based renewable energy company X-Elio has announced that it has signed a 20-year power purchase agreement (PPA) with Amazon.com Inc (NASDAQ, AMZN) for the full output of its 14-megawatt (MW) Funaki solar farm in Japan. The project, which has an alternating current (AC) capacity of 10 MW, began construction in 2024 and is expected to be operational by mid-2025. Once completed, it is projected to generate around 18,686 megawatt-hours (MWh) of electricity annually. X-Elio has developed 379 MW of solar energy in Japan. The company also has 14 MW under construction and plans to develop an additional 160 MW in…
EDP Renewables APAC has entered into a 20-year power purchase agreement (PPA) with Amazon for a 44 MWp solar farm in Fukushima, Japan. The project will include 63,000 solar panels and is projected to produce over 48 GWh of electricity annually. It is expected to reduce more than 20,500 metric tonnes of carbon emissions each year. The solar farm is scheduled to begin operations in the third quarter of 2025. This is the second PPA between EDP and Amazon in the Asia-Pacific (APAC) region. The first agreement was signed in 2021 in Singapore. Japan has been developing multiple renewable energy…
Copenhagen Infrastructure Partners (CIP) and Vena Energy have confirmed that their joint project, Taean Wind Power, has secured an offtake contract through South Korea’s 2024 Wind Power Fixed-Price Contract Auction. The Taean offshore wind farm will have an installed capacity of 500 megawatts (MW). Construction is scheduled to begin in the second half of 2026, with commercial operations expected by late 2029. The project is designed to generate electricity for 300,000 households annually once it becomes operational. In addition to Taean, CIP is developing several other offshore wind projects in South Korea, totaling around 5 gigawatts (GW). This includes the…
Pine Wind Power Co., Ltd (Pine Wind) has reached an agreement to purchase a 26% equity and debt stake in Formosa 2 International Investment Co., Ltd. The wind farm, which has a capacity of 376 megawatts (MW), is located off the coast of Miaoli County, Taiwan. The seller in this transaction is Macquarie Asset Management, one of the original developers of the project. The acquisition will be financed with contributions from Pine Wind’s investment partners, including Taiwan Life Insurance Co., Ltd and He Jun Energy Co., Ltd. In addition, JV Asset Management Co., Ltd will oversee the long-term management of…
The World Bank has announced funding of $200 million for three projects in Sri Lanka over the next three months. These projects will focus on renewable energy development, rural infrastructure, and education. As part of the renewable energy initiative, the funding will support the establishment of a facility to attract private investment in clean energy. This was stated by Martin Raiser, the World Bank Vice President for South Asia, during his two-day visit to Sri Lanka. Raiser held discussions with President Anura Kumara Dissanayake, government officials, private sector investors, and development partners. Topics included Sri Lanka’s economic recovery efforts and…