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Japan bank to provide loans for UK biomass project www3.nhk.or.jp
NHK has learned that a government-affiliated bank in Japan plans to provide funds for a biomass power project in Britain. The green energy uses materials from plants and animals, such as woodchips and cattle manure.
Sources say the Development Bank of Japan, along with other banks in Japan and Europe, will extend loans to build a plant near Middlesbrough.
The sources say the Development Bank will lend tens of millions of dollars in project financing.
With a capacity of 300 megawatts, the biomass plant will be one of the largest in the world. It is expected to start operating in 2020 and will supply electricity to 600,000 homes.
Biomass is seen as a more stable source of renewable energy than solar and wind power. It is also expected to help the forestry industry by using woodchips obtained by thinning trees.
Biomass power generation is expected to increase in Japan as the Paris Agreement has taken effect to cut greenhouse gas emissions worldwide.
The sources say the Development Bank is hoping to apply the know-how from the British project to promote renewable energy in Japan.
The bank is also financing solar and offshore wind power generation projects.
Published Date:2016-11-16
