
On January 29, 2025, Omaezaki Port Biomass Energy commissioned the 75MW Omaezaki Port Biomass Power Plant in Omaezaki City, Shizuoka Prefecture, the company’s largest shareholder and project’s lead developer Renova announced on February 5, 2025.
The power plant is expected to generate approximately 530GWh of power annually using wood pellets and palm kernel shells. The generated power will be sold to Chubu Electric Power Grid for 20 years at 24 yen per kWh through a feed-in-tariff (FIT) contract. “The start of operation of this power plant is expected to revitalize the local economy, particularly in Omaezaki and Makinohara, by further utilizing port facilities for fuel transport ships,” said Renova’s statement.
The development of the project was started by Renova, which continues to hold, at 38%, the largest share. Chubu Electric Power, Mitsubishi Electric Financial Solutions, and Suzuyo Shoji joined the project in 2019, acquiring 34%, 18%, and 10% stakes, respectively.
Project finance was arranged by Sumitomo Mitsui Trust Bank and Shinsei Bank. A joint venture between Toyo Engineering and Nippon Steel Engineering was tasked with the power plant’s engineering, procurement, and construction (EPC).
Initially planned to start commercial operation in July 2023, commissioning was delayed multiple times to make necessary adjustments to the power plant’s equipment. “Based on the EPC contract, Omaezaki Port Energy was receiving compensation for delays in completion from the EPC for a period of time; however, the upper limit was reached with the amount received in July 2024,” said an earlier statement from Renova.
Renova has one other large-scale biomass power plant set to start commercial operation later this quarter. Like the Omaezaki Port Biomass Power Plant, the 50MW Karatsu Biomass Power Plant’s commissioning has been delayed from the originally planned December 2024 to March 2025 due to equipment adjustments needing to be made.