The Kaliakra wind power business is being conducted by Kaliakra Wind Power AD (KWP), a joint venture established locally with the Bulgarian engineering firm INOS-1 Ltd. and is approved as a Japanese-Bulgarian Joint Implementation (JI)* project to reduce GHG.

The KWP wind farm, located at Kaliakra Cape on the Black Sea coast, incorporates 35 MWT62/1.0 wind turbines, each having rated power output of 1,000 kilowatts (kW). The all of electricity produced at the wind farm, which has rated capacity at 35MW in total, is sold to Natsionalna Elektricheska Kompania EAD (NEK), Bulgarian state-owned electricity utility.

Of the emission credits obtained through the project, up to 350,000 tons will be sold to Japan Carbon Finance, Ltd. (JCF) until fiscal 2012, the last year of the First Commitment Period in the Kyoto Protocol. MHI will purchase any surplus credit beyond 350,000 tons.

JCF was established by the Japan Bank for International Cooperation (JBIC), the Development Bank of Japan Inc. (DBJ) and major Japanese corporations in 2004 to support GHG reduction projects sanctioned under the Kyoto Mechanism framework as well as purchase emission credits.

The Kaliakra wind farm project is MHI's second overseas power generation investment initiative. The first involved investment in AES Energia Cartagena S.R.L., an independent power producer (IPP) in Spain, which signed with MHI in 2003 and commenced commercial operations of gas turbine combined cycle (GTCC) power generation in 2006.