3 Japan Entities to Invest in U.K. Offshore Wind Power Biz

Economy

Tokyo, Aug. 13 (Jiji Press)--Electric Power Development Co. <9513>, or J-Power, and Kansai Electric Power Co. <9503> said Monday that they will join a large wind power plant project being undertaken off Britain by major German power firm Innogy SE.

The two Japanese firms, as well as the government-backed Development Bank of Japan, will hold a total of about 40 pct of shares in Innogy Renewables UK Ltd., a unit of Innogy.

Specifically, J-Power and the DBJ will own a combined stake of about 25 pct in Innogy Renewables UK, and Kansai Electric about 16 pct.

It will be the first time for a Japanese electric power company to invest in an overseas offshore wind power project.

J-Power and Kansai Electric plan to acquire know-how on the construction, maintenance and operations of a wind power plant, aiming to utilize it for their future businesses in Japan.

[Copyright The Jiji Press, Ltd.]

Jiji Press