Tokyo, April 2017 - (JCN Newswire) - Mitsubishi Corporation Power Systems, Inc. (MCP), a wholly owned subsidiary of Mitsubishi Corporation (MC), has joined with The Kansai Electric Power Co., Inc. (KEPCO) to establish a new joint venture. The new venture, Aioi Bioenergy Corporation, is being set up to promote and develop biomass power generation business in Japan. The new venture will have an initial capital of 450 million yen, with 40 per cent of that being invested by MCP.

The project is aiming to facilitate the conversion of fuel used at the second unit of KEPCO's Aioi power station in Hyogo Prefecture (capacity: 375 MW) from its current heavy oil or crude oil sources to woody biomass. The project will also contribute to controlling overall carbon dioxide emission (CO2) due to its use of naturally derived pellet fuel.

MCP already operates some 73 MW of power generated from solar projects and is developing and constructing wind and geothermal power generation projects across Japan. The new project expands on these existing renewable energy initiatives.

MC and its subsidiaries intend to continue working with local and international partners to develop power generation projects that use renewable energy, thereby contributing to increased energy self-sufficiency and the growth of new industries in Japan while at the same time helping to combat greenhouse gas emissions.