RENOVA Inc. has reached a financial close for the 74.95 MW Omaezakikou Biomass project located in Omaezaki and Makinohara, Shizuoka Prefecture, Japan.
RENOVA announces that it reached a financial close by signing a financing agreement with financial institutions. The financing was arranged by Sumitomo Mitsui Trust Bank Ltd and Shinsei Bank Ltd, acting as the lead arrangers. Mitsubishi UFJ Lease & Finance Co Ltd serves as the mezzanine lender for the financial package.
RENOVA will work on the development together with Chubu Electric Power Co., Inc. with a 34% interest, Suzuyo Shoji Co., Ltd. with 10%, and Mitsubishi Electric Credit Corporation with 18%.
RENOVA holds the right to additionally acquire 18.0% equity in the special purpose company owned by co-sponsor Mitsubishi Electric Credit Corporation, on or after the date of completion of the Omaezakikou Biomass Power Plant, in accordance with the Memorandum of Understanding on Transfer of Equity Related to Omaezakikou Biomass Energy GK that RENOVA has entered into with Mitsubishi Electric Credit Corporation.
In the event of exercising this right, RENOVA’s ownership interest will be 56.0%, and the share of dividends distributed from the project to RENOVA will be 75.0%.
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