Renova Inc-a Japanese renewable power producer, has received funds for its 54.6-Megawatt (MW) Reihoku Amakusa Wind Power Project. Reihoku Wind Power GK is developing the project at Kumamoto prefecture in southern Japan.
The firm secured finances through a Memorandum of Understanding (MoU) signed between Renova and a group of Japanese financial institutions. Sumitomo Mitsui Banking Corp (SMBC) was the lead manager, and SMFL MIRAI Partners Co. Ltd was the mezzanine lender in this case.
Renova has laid the foundations for the Reihoku Amakusa Wind Power Project since 2017. It measured wind conditions, assessed environmental impact, and held earlier explanatory meetings for local residents. The wind energy facility is expected to be operational by 2026. The project’s construction began in the city of Reihoku. After the operation, the Reihoku Amakusa Wind Power Plant could generate 109,000 MWh annually. It can ensure fulfillment of the domestic demand of 25,000 local residences.
Other investment firms -SMFL MIRAI and NEC Capital Solutions Ltd. are also involved in the project, having 31% share each in the ownership interest and shareholders loan. However, Renova can purchase additional equity interests and shareholders’ loans once the project is completed, bringing its stake to 90%.
