JBIC provided a loan to a wind power project in Bulgaria whereby Japanese companies participate by holding equity stakes in the project. This power generation project harnessing renewable energy is located in the Kaliakra district of the Municipality of Kavarna, a city on the coast of the Black Sea. The project utilizes Japanese wind power plant equipment. This project was also validated by the United Nations as a Joint Implementation (JI) project under the Kyoto Mechanisms, as it reduces GHG emissions through investment and technology provided by Japanese companies. This is a significant case of a project directly leading to the acquisition of emission credits by Japan.