Baker & McKenzie has advised Ishikari Bioenergy LLC in connection with its involvement in a biomass power generation joint venture in Ishikari City, Hokkaido, Japan.
Ishikari Bioenergy LLC is founded by Okumura Corporation (investment ratio of 50%), Kyuden Mirai Energy Company, Inc. (30%), and New Circle Energy Co., Ltd (20%). New Circle Energy Co., Ltd was established by Marunouchi Infrastructure Inc. and Shin Energy Development Co., Ltd.
On February 5 2020, Ishikari Bioenergy LLC concluded a loan agreement with a group of financial institutions, including Sumitomo Mitsui Banking Corporation (lead arranger), Resona Bank (co-arranger) and Kansai Mirai Bank. Baker & McKenzie provided legal advice to Ishikari Bioenergy LLC on the arrangement of project finance.
Ishikari Bioenergy LLC plans to develop a biomass mono-fuel power generation project in the Ishikari Bay New Port Industrial Park in Ishikari City. The planned 51.5 MW power plant, with an annual output of 360 million kWh, will have the capacity to supply approximately 121,000 ordinary households with electricity. The biomass power generation facility will utilize wood pellets and PKS. It is scheduled to come online in August 2022
