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Fukushima starts $2.7 billion renewables project

Plan is for wind and solar project to generate and transmit up to 600 megawatts of power

Tokyo: Work is set to begin on a $2.7 billion renewable energy project in Japan’s Fukushima, the site of one of the world’s worst nuclear disasters, the Nikkei newspaper said Sunday.

The plan is for the wind and solar project to generate and transmit up to 600 megawatts of power, which will be supplied to Tokyo and the surrounding area, according to the paper.

Development Bank of Japan and Mizuho Bank are among the institutions planning to provide the 300 billion yen in funds needed for the project by 2023, the paper said.

The project forms the main pillar of a government plan to help revive the region’s economy by generating energy in mountainous areas and on farmland that became unusable after the 2011 disaster, the Nikkei said.