The $904m (JPY100 billion) Akita offshore wind farm project in Japan has successfully reached financial close.
Developed by Akita Offshore Wind Corporation, the project is the first commercial-scale Japanese offshore wind farm to secure non-recourse debt financing from a syndicate of Japanese lenders.
Mott MacDonald is the lender’s technical advisor on the project.
The approximately 140MW project is being constructed in Akita Prefecture in two phases, with sequential installation between the Akita port and Noshiro port wind farms.
As technical advisor, Mott MacDonald supported the developer during the tendering and procurement phase for the offshore balance of plant (BoP) contract and further conducted technical, commercial, environmental and social due diligence to achieve financial close.
The consultancy will continue its involvement during the construction and operational phases of the project.
Isao Terasawa, Mott MacDonald Japan business development manager, said: "This project is a great achievement and first for Japan – and with participation of local stakeholders, it paves the way for development of the Japanese offshore wind industry supply chain. We were able to transfer and apply best practice and knowledge from our European and global offshore wind projects into the procurement and due diligence process, which will serve as a benchmark for future in-country projects."
The Akita Offshore Wind Corporation consortium led by Marubeni Corporation will commence construction in February 2020, with full commercial operations expected in Q4 2022.
Image: The Rampion offshore wind farm, East Sussex, UK (Wpwh81/CC BY-SA 4.0)