Japanese Firms Acquire Spanish Wind Power Company

Marubeni Corporation and Electric Power Development Company, or J-POWER, have acquired SEC, a wind power generation company that owns wind power generation facilities with approximately 64,000 kW of capacity (from 97 wind turbines at 3 power sites) in Galicia, Spain. The total cost of the purchase amounted to €76.5 million (US$82 million).

Tokyo, Japan – April 7, 2003 [SolarAccess.com] The European Union, known for its aggressive campaign against global warming, has already set numerical targets for the introduction of reusable energy in the form of an EU directive (12.5 percent of all energy consumed in EU must be reusable energy by 2010). Spain, in which the two companies will enter the wind power generation business, was one of the pioneers, as it began in early 1990’s to establish regulatory infrastructure to promote Renewable Energy. The country has developed new sources of Renewable Energy, with an emphasis on wind power. As a result, Spain is now one of the largest wind power generation countries in the world, second only to Germany. (In 2002, total facility capacity in Spain was 4,800 MW, whereas it was 12,000 MW in Germany.) Spain plans to raise this figure to 12,000 MW by 2010. To this end, various projects are being developed in the private sector in the country. SEC HoldCo, a joint venture in Spain owned equally by Marubeni and J-POWER, has arranged for the project financing to purchase all the shares of SEC from Gamesa, a Spanish company that is one of the foremost wind turbine manufacturers in the world.
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