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TOKYO, May 20, 2016 - (JCN Newswire) - Venti-Japan Inc. (President: Hiroyuki Sato, "Venti"), Mitsubishi Corporation (President: Takehiko Kakiuchi, "MC") and C-TECH CORPORATION (President: Akira Matsuyama, "C-TECH"), have reached an agreement to launch a wind power generation project along the Akita City - Katagami City corridor of Akita Prefecture in Northern Japan. The new windfarm ranks among the the largest in wind power generating capacity in the country.
The project will be executed by Akita Katagami Windfarm, LLC, a three-way joint venture established between Venti and Mitsubishi Corporation Power Ltd. (MCP), a 100% subsidiary of MC, and C-TECH. Construction is slated to commence in September 2016, with supply of power to Tohoku Electric Power Co., Inc. scheduled to come on stream in early 2019. In terms of shareholder participation Venti will hold 51.0%, MC 43.9% and C-TECH 5.1% of shares. The project is estimated to cost around 20 billion yen.
Coastal areas of Akita Prefecture are among the best locations in Japan for wind power development and the prefecture has welcomed a number of windfarm projects over the past several years. This particular project is being developed under a public auction scheme set up by Akita to make use of the wealth of wind resources present in its forest reserves. The three companies are therefore seeking to take maximum advantage of these resources to develop and supply clean energy.
In a move to help stimulate local industry by drawing on wind resources, Venti is proactively developing wind power generation projects along Japan's western seaboard, starting in Akita. Operations have already started at two of Venti's windfarms in Akita, while six windfarms with 36 wind turbines, including the Katagami windfarm, are now under development.
Working in cooperation with local governments and business partners, MC is aiming to contribute to the improvement of energy self-sufficiency, the implementation of measures against global warming and the creation of new industries in Japan through its domestic power generation business.. MC already holds a total of 73MW (equity ratio basis) in renewable energy through its mega-solar power plants in operation or under construction across the country, and is seeking greater presence in the development of clean energy, particularly in the wind, geothermal and biomass sectors.
C-TECH, a core company of the Chubu Electric Power Group, has been operating a wide range of renewable power projects that include photovoltaic, wind and hydroelectric power generation. C-TECH will be drawing on the experience and expertise it has accumulated through the construction and maintenance of power generation and distribution facilities in the implementation of this project, which brings its total wind power development and operating capacity to 150MW (equity ratio basis).
Reference Information
1. Project Outline
(1) Operating Entity: Akita Katagami Windfarm, LLC
(2) Location: Akita City and Katagami City
(3) Capacity: Approx. 66MW (3MW wind turbine x 22 units)
(4) Estimated amount of power generation: Approx. 142,000MWh (capacity to power approx. 40,000 households)
(5) Shareholder Participation: Venti 51.0%, MCP 43.9%, C-TECH 5.1%
2. Outline of Venti-Japan, Inc.
(1) Headquarters: 1-51, Nakadori 5-Chome, Akita City, Akita
(2) Established / Representative: Sep 2012 / Hiroyuki Sato, President
(3) Capital: 30 million Yen
(4) Major Shareholders: Ugosetsubi, Community Wind Power, Fidea Research Institute Corporation
(5) Business Activities: Wind power generation business in the Tohoku District, including Akita Prefecture.
3. Outline of Mitsubishi Corporation
(1) Headquarters: 3-1, Marunouchi 2-Chome, Chiyoda-Ku, Tokyo
(2) Established / Representative: Apr 1954 / Takehiko Kakiuchi, President and CEO
(3) Capital: 204,447 million Yen
(4) Business Activities: Mitsubishi Corporation has seven Business Groups which develop operations in the diverse fields of Global Environmental & Infrastructure; Industrial Finance, Logistics & Development; Energy; Metals; Machinery; Chemicals; and Living Essentials. In addition to these Business Groups, MC has also recently established its Business Service Group. Through these business groups, Mitsubishi Corporation serves customers around the world in virtually every industry.
4. Outline of Mitsubishi Corporation Power Ltd
(1) Headquarters: 6-1, Marunouchi 2-Chome, Chiyoda-Ku, Tokyo
(2) Established / Representative: Oct 2015 / Go Ishikawa, President
(3) Capital: 500 million Yen
(4) Major Shareholder: Mitsubishi Corporation
(5) Business Activities: Domestic power generation business including thermal power and renewable power
5. Outline of C-TECH
(1) Headquarters: 4-45,Sugumo-cho,Mizuho-ku,Nagoya City,Aichi
(2) Established/Representative: March 1962 / Akira Matsuyama, President and Chief Executive Officer
(3) Capital: 720 million Yen
(4) Major Shareholder: Chubu Electric Power Co., Inc.
(5) Business Activities: Construction and Maintenance of hydraulic power plants, transmission line, substation and communication, as well as renewable energy business including windfarm, photovoltaic and hydraulic generation.
Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705
Topic: Press release summary
Source: Mitsubishi Corporation
Sectors: Energy, Alternatives
http://www.acnnewswire.com
From the Asia Corporate News Network
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