TOKYO, Apr 5, 2017 - (JCN Newswire) - Mitsubishi Corporation Power Systems, Inc. (MCP), a wholly owned subsidiary of Mitsubishi Corporation (MC), has joined with The Kansai Electric Power Co., Inc. (KEPCO) to establish a new joint venture. The new venture, Aioi Bioenergy Corporation, is being set up to promote and develop biomass power generation business in Japan. The new venture will have an initial capital of 450 million yen, with 40% of that being invested by MCP.
The project is aiming to facilitate the conversion of fuel used at the second unit of KEPCO's Aioi Power Station in Hyogo Prefecture (capacity: 375 MW) from its current heavy oil or crude oil sources to woody biomass. The project will also contribute to controlling overall carbon dioxide emission (CO2) due to its use of naturally derived pellet fuel.(1)
MCP already operates some 73 MW of power generated from solar projects and is developing and constructing wind and geothermal power generation projects across Japan. The new project expands on these existing renewable energy initiatives.
MC and its subsidiaries intend to continue working with local and international partners to develop power generation projects that use renewable energy, thereby contributing to increased energy self-sufficiency and the growth of new industries in Japan while at the same time helping to combat greenhouse gas emissions.
(1) Although biomass power generation emits CO2 during combustion, the fact that the same trees absorb CO2 while growing up offsets this, resulting in a balance of zero added CO2 emitted into the atmosphere, a state referred to as carbon neutral.
About the Aioi Power Plant
Location: Yanagiyama 5315−46, Aioi, Hyogo Prefecture, Japan
About Aioi Bioenergy
Company Name: Aioi Bioenergy Corporation
Established: April 5, 2017
Location: Hyogo Prefecture
Capital: 450 million yen (ratio: KEPCO: 60%; MCP: 40%)
Main Business: Design, construction, operation, maintenance and management of
power generating installations, retail energy sales and related
Executives: Kazumitsu Takanishi, Representative Director (Kansai Electric Power
Go Ishikawa, Director (Mitsubishi Corporation Power Systems, Inc.)
Nozomu Mori, Director (Kansai Electric Power Co., Inc.)
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Apr 5, 2017 15:15 HKT/SGT
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058)
Topic: Press release summary
From the Asia Corporate News Network
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