Cypriot behind biggest bio-fuel power plant in Japan
Japan’s largest bio-fuelled power plant has been created by Cypriot Roys Poyiadjis in cooperation with Martua Sitorus.
After the explosion at Mari and the tsunami that hit Japan, the Cypriot businessman decided to get involved in the energy sector.
A statement said that Poyiadjis tried to help Cyprus after the damage to Vassiliko power plant from the explosion at Mari by bringing his bio-fuel idea to the island. But due to the economic situation he was unable to do so, leading his plan to come to fruition in Japan.
Poyiadjis, who lives in New York, bought the plant owned by Toshiba from Finnish Wartsila. After hiring Vincent Dunlevy, Poyiadjis started his move to Japan.
The Fukushima disaster drove Japan further away from the idea of using nuclear power. Instead, the country began looking at finding renewable energy sources, which drove the country’s Energy Ministry to create a plan to fund such projects. Poyiadjis’ company was able to obtain one of those licences and started creating his bio-fuel 40 MW plant. Poyiadjis received a contract for 20 years from the Japanese government, in which the country would buy energy from his plant worth about 1.5 billion US dollars.
In 2013, Jesse Pichel, an investor in the technology sector and friend of Poyiadjis, introduced him to the co-founder of Wilmar International, Martua Sitorus. Wilmar is the largest producer of palm-oil in the world, which decided to invest in Poyiadjis’ ICC Energy and become the main supplier for the plant.
“I believe Martua saw this biofuel power plant as a great investment opportunity in Japan and a platform for expansion,” said Poyiadjis. “This particular plant has the ability to expand by another 100 MW, which would potentially make it the largest biofuel plant in the world.”
The power plant will be up and running in Autumn 2016. Poyiadjis’ plan will benefit the Japanese people and the country’s environment.
“In terms of impact, the plant will provide 50,000 households with green energy,” Poyiadjis said.