July 15, 2014 - ITOCHU Corporation announced today that it will construct a 44.8MW solar power plant and engage in a power generation business on 460,000 square meters of land on the premises of Mitsui Engineering & Shipbuilding Oita Works in Oita, Oita Prefecture, through an operating company jointly established with Kyudenko Corporation and Mitsui Engineering & Shipbuilding Co., Ltd. Today, the operating company concluded a loan agreement concerning the project with a syndicate of banks organized by Mizuho Bank, Ltd.
The project will generate 44,800 kilowatts of power and the power plant is scheduled to be completed and commence operation from March 2016. The predicted annual electric-generating capacity of 52,500,110kwh is equivalent to the annual power consumption of approximately 9,300 regular homes. This will reduce carbon dioxide emissions by approximately 32,000 tons a year.
The generated power will be sold to Kyushu Electric Power Co., Inc for a period of twenty years. With the inclusion of this project, the total renewable energy-based generating output owned by ITOCHU in five countries around the world will reach about 470MW. ITOCHU will contribute to the formation of a recycling-oriented society while taking into account environmental conservation issues such as the prevention of global warming.