Renova, Inc has made a final investment decision for Ishinomaki Hibarino Biomass Energy GK as the operator of the Ishinomaki Hibarino Biomass Power Generation Project. In addition, RENOVA has reached a financial close by signing a financing agreement with 18 financial institutions. Mizuho Bank Ltd and Sumitomo Mitsui Banking Corp are acting as lead arrangers, while JA Mitsui Leasing Ltd serves as mezzanine lender.
Renova will work on the development together with three co-sponsors, namely Tokyo Gas Co., Ltd., United Purpose Management, Inc. and Mizuho Leasing Co., Ltd., in an effort to increase the corporate value of the Ishinomaki Hibarino Biomass Project.
By means of power plant construction and business operation, Renova will contribute to local and financial revitalization in the area centering on the city of Ishinomaki through job creation and the revitalization of port and harbor, as it seeks to achieve collaborative creation in partnership with local communities
