Mitsubishi Materials Corp. and Mitsubishi Gas Chemical Co. will also take part in the project in Akita prefecture. The plant will start running in May 2019.
State-run Japan Oil, Gas & Metals National Corp., which announced the move in a Jan. 30 statement, will guarantee 80 percent of the 26 billion yen ($221 million) debt, which is to be provided by a group of banks led by Mizuho Bank Ltd.
The project marks the first time for a geothermal power station with a capacity of 10 megawatts or larger to be built in Japan since a 27.5 MW station in Oita prefecture started operations in 1996, Japan Oil, Gas & Metals said.
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