MUFG Bank and other lenders have amended project finance contracts for the 10MW Eurus Date Wind Farm to allow spot price-linked power sale, Eurus Energy Holdings announced on April 30, 2025.
“Leveraging our more than 30 years of experience in operating wind projects and MUFG Bank’s know-how in structuring renewable project financing, we could develop a finance scheme appropriate for the FIP system and reach an agreement to amend the contract,” said the project’s operator. The Toho Bank, North Pacific Bank, and Muroran Shinkin Bank also participated in the loan.
The onshore wind power plant in Date City, Hokkaido, was commissioned in November 2011. Initially operating under the guaranteed fixed price per kWh feed-in-tariff (FIT) scheme, it transitioned to the feed-in-premium (FIP) scheme that requires owners to sell generated power and non-fossil certificates in the wholesale market or through negotiated contracts in March 2024.
Since the conversion, the project’s special purpose company Eurus Energy Date LLC has been selling the output directly to the group’s retailer Eurus Green Energy through a fixed price contract. With the amended project finance contract, beginning May 1, 2025, the power will be sold at a variable price linked to the spot market instead.
The amendment marks an unusual instance of project finance providers allowing a shift from a long-term, fixed-price contract, such as FIT or a corporate PPA, to spot price-based monetization.
