ITOCHU, Osaka Gas and MES to build biomass power plant in Ichihara
ITOCHU Corporation has announced that ITOCHU, Osaka Gas Co., Ltd and Mitsui Engineering & Shipbuilding Co., Ltd (MES) have agreed to launch a 49.9 MW biomass power plant project at MES Chiba Works in Ichihara, Chiba Prefecture, Japan.
According to a statement, ITOCHU, Osaka Gas, and MES will establish an operating company named Ichihara Biomass Power Co., Ltd in a three-way joint venture with a 39/39/22 percent stake respectively.
Each company brings its strengths to this project. MES will provide its construction and its operation and maintenance (O&M) capabilities, ITOCHU will procure the biomass fuel supply consisting of palm kernel shells (PKS) and pellets, and Osaka Gas will operate the power plant.
The project is financed through non-recourse project financing. Operations start is expected in October 2020.