Mitsubishi sells wind turbines in Bulgaria

8 August 2008 - Mitsubishi Heavy Industries, Ltd. (MHI) has commenced business in generating electric power by wind turbines in Bulgaria, and selling it locally, through Kaliakra Wind Power AD (KWP), a joint venture established locally with the Bulgarian engineering firm inos Ltd.

The wind farm, Bulgaria's first, has already been built by KWP and is now in operation. All electricity produced will be sold to Natsionalna Elektricheska Kompania EAD (NEK), Bulgaria's state-owned electricity utility.

The Kaliakra wind power generation and sales project has been planned as a Japanese-Bulgarian Joint Implementation (JI)* project to reduce greenhouse gases (GHG) sanctioned under the Kyoto Mechanisms framework.

The project will simultaneously contribute to the promotion of renewable energy utilization in Bulgaria and to the acquisition of credits based on emission reduction units (ERU) by Japan.

The KWP wind farm, located at Kaliakra Cape on the Black Sea coast, incorporates 35 MWT62/1.0 wind turbines and has a capacity to generate 35 MW of electricity.

The wind turbines, each having a rated power output of 1000kW, were manufactured at MHI's Nagasaki Shipyard and Machinery Works and Yokohama Machinery Works.

MHI has coordinated construction of the farm and participates in its operation together with inos, the JV partner that performed civil construction work and wind turbine installation, and Mitsubishi Power Systems Europe, Ltd. (MPSE), the company's subsidiary in England for power systems business in Europe,

KWP was established in Sofia in late 2005 with MHI owning 70 per cent and inos the remaining 30 per cent (capitalization: €10m ($15.46m)). Investment by MHI and a subordinated loan to KWP were arranged by MHI Investment International BV, MHI's wholly owned investment company in the Netherlands. The project represents the first investment into power generation in Bulgaria by a Japanese company.

Bulgaria, in line with joining the EU in January 2007, aims to meet 11 per cent of its total energy consumption needs with renewable energies by 2010. MHI began investing into the Kaliakra project prior to the country's joining the EU, through cooperation provided by Japan Bank for International Cooperation (JBIC).

MHI's investment has also helped Bulgaria achieve an environment conducive to renewable energy investments. The project was financed through a syndicated loan furnished to Bulgaria by JBIC and Mizuho Corporate Bank in Japan. The total loan amount is approximately €37m.

The KWP project is expected, availing of wind power, to reduce carbon dioxide (CO2) emissions by some 85 000 tons annually compared to conventional thermal power generation. Of the emission credits obtained through the project, up to 350 000 tons will be sold to Japan Carbon Finance, Ltd. (JCF), a company established by JBIC and major Japanese corporations in 2004. MHI will purchase any surplus credit beyond 350 000 tons.

The Kaliakra wind farm project is MHI's second overseas power generation investment initiative. The first involved investment in AES Energia Cartagena S.R.L., an independent power producer (IPP) in Spain which signed with MHI in 2003 and commenced commercial operations in 2006.
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