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TEPCO to Spin Off Renewable Energy Businesses Into Separate Firm in April

2020/03/11 18:57
Sousuke Kudou, technical writer
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TEPCO's Ukishima Solar Power Plant in Kawasaki City (source: Nikkei BP)

Tokyo Electric Power Company Holdings Inc (TEPCO) will spin off its renewable energy-based power generation businesses into a separate company April 1, 2020.

TEPCO established TEPCO Renewable Power Inc (Chiyoda-ku, Tokyo) Oct 1, 2019, and signed an absorption-type split agreement that will become effective April 1, 2020.

TEPCO Renewable Power will be responsible for the renewable energy businesses in and outside Japan as the fourth company that is in charge of TEPCO's core business. It will operate and manage 9,924,180kW of renewable energy-based power sources (164 hydroelectric power plants with a total output of 9,873,410kW, three solar power plants with a total output of 30,000kW and two wind power plants with a total output of 20,770kW).

Also, (1) The Tokyo Electric Generation Co Inc, which has been affiliated with TEPCO, (2) Eurus Energy Holdings Corp (wind/solar power producer based in Minato-ku, Tokyo) and (3) Viet Hydro Pte Ltd (a Singapore-based hydroelectric power producer) will become subsidiaries of TEPCO Renewable Power in or after April 2020.

Isao Kobayashi, president of Renewable Power Company (an in-house company of TEPCO), became the president of TEPCO Renewable Power. As employees of the new company, about 1,100 people will be transferred from Renewable Power Company, TEPCO's wind power business promotion office, etc.

The logo of the TEPCO Renewable Power will use the same typeface as "TEPCO" and include deep green color to indicate the realization of a clean, connectable, low-carbon society. While the business plan of the new company is under consideration, it plans to actively develop renewable energy-based power sources both in and outside Japan.

TEPCO Renewable Power aims to achieve a profit of about ¥100 billion by fiscal 2030 (TEPCO to Spin Off Its Renewable Energy Business, Sharp Contrast in Solar Power Generation Amounts on 2 Islands).