Development Bank of Japan launches $500m fund to grow wind sector
The Development Bank of Japan has launched a roughly JPY53 billion ($509 million) fund to help drive the expansion of the country's wind power industry.
The DBJ chipped in JPY13 billion to the fund, launched in partnership with Tokyo-based renewable energy provider Green Power Investment. Ten other institutional investors, including insurers and regional banks, are participating as well.
The DBJ's fund has purchased three wind farms and two solar energy projects operated by Green Power Investment, which have a combined capacity of 220MW. Green Power Investment will continue to manage them for at least 20 years, while using proceeds from the sale to construct new wind farms.
Green Power Investment plans an offshore wind farm in Hokkaido and an onshore wind farm further south in Iwate Prefecture. It aims to expand total output to 5,000MW - the equivalent of five nuclear reactors.
