Japan Pulp and Paper Company (JP) will team up with New Energy Development Company to set up a 14MW wood biomass power plant at Noda, Iwate prefecture, in Japan.
Both the companies will invest more than EUR 3 million to form a joint venture, Noda Bio Power JP Company. JP will hold 77.78 percent stake while New Energy Development Company will hold 22.22 percent stake in the new venture.
The new wood biomass plant will have the capacity to generate 96.48GWh of electricity and is expected to commence operations in April 2016.
Noda Bio Power JP will provide service to the local forestry industry and also contribute to the post-earthquake reconstruction efforts in Noda village. The new joint venture company will sell the electricity to power utility companies through the government’s Feed-in Tariff Scheme for Renewable Energy.
“JP will continue to further expand its involvement in the resource and environment-related business activities demanded by society in cooperation with its business partners and local municipal bodies,” the company stated.
