Idemitsu will hold a 50% majority stake in the venture called, Tosa Green Power Corporation, while the remaining two partners will hold a 25% stake each.
The venture is expected to commence operations of a, to-be developed, 5MW biomass power plant April 2015 in Kochi city, Japan.
The plant will employ unused wood materials as fuel to produce 36MWh energy per annum, which is sufficient to power 10,000 homes in the region.
Expected to be developed as an integrated power plant, the facility will comprise of crushing and drying processes for unused wood materials.
Once completed, the plant will help displace 20,000t of carbon dioxide emissions per annum.
