Bulgaria's Wind Energy Sensing Δ 13th of January 2014 Ω 5:11 AM

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~ MHI's Wind Power Generation Business Gets Underway in Bulgaria ~ sense for Ξ ~ sense for Ξ	~ sense for Ξ ~ sense for Ξ ~ sense for Ξ	~ sense for Ξ ~ sense for Ξ ~ sense for Ξ
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«Wind Energy Sensing	Θ	Θ
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~ MHI's Wind Power Generation Business Gets Underway in Bulgaria

MHI's Wind Power Generation Business Gets Underway in Bulgaria
ξ Mitsubishi Heavy Industries has commenced business in generating electric power by wind turbines in Bulgaria
ξ and selling it locally, through Kaliakra Wind Power AD (KWP),
ξ a joint venture established locally with the Bulgarian engineering firm inos Ltd
ξ The wind farm, Bulgaria’s first, has already been built by KWP and is now in operation.
ξ All electricity produced will be sold to Natsionalna Elektricheska Kompania EAD (NEK), Bulgaria’s state-owned electricity utility.
ξ The Kaliakra wind power generation and sales project has been planned as a Japanese-Bulgarian Joint Implementation (JI) project
ξ to reduce greenhouse gases (GHG) sanctioned under the Kyoto Mechanisms framework.
ξ The project will simultaneously contribute to the promotion of renewable energy utilization in Bulgaria and
ξ to the acquisition of credits based on emission reduction units (ERU) by Japan.
ξ The KWP wind farm, located at Kaliakra Cape on the Black Sea coast,
ξ incorporates 35 MWT62/1.0 wind turbines and has a capacity to generate 35 megawatts (MW) of electricity.
ξ The wind turbines, each having a rated power output of 1,000kW,
ξ were manufactured at MHI’s Nagasaki Shipyard and Machinery Works and Yokohama Machinery Works.
ξ MHI has coordinated construction of the farm and participates in its operation together with inos,
ξ the JV partner that performed civil construction work and wind turbine installation, and
ξ Mitsubishi Power Systems Europe, Ltd. (MPSE), the company’s subsidiary in England for power systems business in Europe,
ξ KWP was established in Sofia in late 2005 with MHI owning 70% and inos the remaining 30% (capitalization: €10 million).
ξ Investment by MHI and a subordinated loan to KWP were arranged by MHI Investment International BV,
ξ MHI's wholly owned investment company in the Netherlands.
ξ The project represents the first investment into power generation in Bulgaria by a Japanese company.

ξ Bulgaria, in line with joining the EU in January 2007,
ξ aims to meet 11% of its total energy consumption needs with renewable energies by 2010.
ξ MHI began investing into the Kaliakra project prior to the country’s joining the EU,
ξ through cooperation provided by Japan Bank for International Cooperation (JBIC).
ξ MHI's investment has also helped Bulgaria achieve an environment conducive to renewable energy investments.
ξ The project was financed through a syndicated loan furnished to Bulgaria by JBIC and Mizuho Corporate Bank in Japan.
ξ The total loan amount is approximately €37 million.

ξ 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.
ξ Of the emission credits obtained through the project, up to 350,000 tons will be sold to Japan Carbon Finance, Ltd. (JCF),
ξ a company established by JBIC and major Japanese corporations in 2004.
ξ MHI will purchase any surplus credit beyond 350,000 tons.

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

ξ On the strength of its expanding track record in this area, going forward MHI aims to vigorously develop more business schemes
ξ geared toward acquisition of carbon emission credits and,
ξ leveraging its record in supplying power generation equipment,
ξ to expand its participation in power generation business operations
ξ while further strengthening its marketing of wind turbines in Europe.

Joint Implementation (JI)
ξ is a mechanism for obtaining emission credits under the Kyoto Protocol
ξ Countries for which numerical targets have been set on GHG reduction
ξ jointly conduct projects that will reduce such emissions, and
ξ the project participants obtain credits based on the amount of ERUs generated by the project at hand.
ξ The Kaliakra project, once it wins approval as a JI project,
ξ will help Japan to achieve the 6% GHG reduction target set for it under the Kyoto Protocol.

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