RENOVA postpones commissioning of Karatsu biomass plant

RENOVA's has postponed the estimated commencement of operations for its Karatsu biomass plant.
It had been planned to begin operation in December this year.
The company now intends for activity to begin in March 2025.
According to RENOVA, the additional time is required for adjustments to the boiler and turbine facilities to ensure long-term stable operation at the facility.
In addition, Karatsu is expected to receive Liquidated Damages from the EPC for a certain period of time, due to the change in the start of commercial operation based on the EPC contract.
The impact of Schedule Change in the Start of Operation on the financial results for the fiscal year ending March 31, 2025 will be minimal, added RENOVA.
"RENOVA has the right to take over the equity interests owned by joint equity investors on and after the completion of the power plant construction held by Karatsu G.K. and its delivery from EPC, and there is no change in the timing of execution of the right from March 2025, in line with the assumptions in the consolidated forecast for the fiscal year ending March 2025 announced on May 8, 2024," added the company.