Construction will start in August and the plant will start operating in March 2016, Tokyo-based Itochu said in a statement today.
Itochu has a 50 percent stake in the venture, while Kyudenko holds 30 percent and Mitsui Engineering the rest, according to the statement.
The venture signed a loan agreement today with a group of lenders led by Mizuho Bank Ltd., Itochu said in the statement. The Nikkei newspaper reported earlier that the project will cost about 15 billion yen ($148 million). No financial terms were disclosed in the statement.
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