Trading house Sumitomo Corp. said Tuesday it has signed a long-term contract to sell electricity to a South African state-run power utility under a ¥20 billion wind power generation project.
Dorper Wind Farm, which is 60 percent owned by Sumitomo, will provide Eskom Holdings SOC Ltd. with electricity for about 80,000 households over 20 years after installing 40 2.5-megawatt wind turbines by July 2014, Sumitomo said.
The trading house has also signed project finance contracts with Sumitomo Mitsui Banking Corp. and two South African banks to raise about ¥14 billion in loans for the wind power project.