Equis Bioenergy has announced the development of a 50 MW biomass power plant in Toyama, Japan. The construction is expected to begin in the second quarter of 2019 and power supply is set to start in the third quarter of 2021. The power plant will utilise wood pellets as fuel, which will be supplied under a 20-year contract. The project has secured $219.73 million of non-recourse project financing from nine banks led by Sumitomo Mitsui Trust Bank and Shinsei Bank. The biomass project will sell power to the Hokuriku Electric Power Company (HEPCO) under Japan’s renewable energy feed-in tariff regime. Under the terms of the power purchase agreement, HEPCO will purchase power from the project at $0.21 (JPY 24) per kWh for a period of 20 years.