Japanese Wind Company Merges

Tokyo Electric Power Co. has agreed with trading house Tomen Corp. to acquire a 50 percent stake in Tomen’s wholly owned wind power company for about ¥10 billion (US$84 million).

TOKYO, Japan – June 27, 2002 [SolarAccess.com] The company, Tomen Power Holdings Corp., currently generates a total of 540,000 kW of electricity in the United States, Europe and Japan. Japan’s largest power supplier said it will purchase part of Tomen’s stake in the firm and will also buy new shares to be issued by the firm under the third-party allotment scheme. TEPCO and Tomen will eventually each own 50 percent of the firm when a final contract is signed by the end of August. TEPCO said it wants to invest in the firm in view of the expanding profitability and business opportunities of wind power generation. Tomen established the wind power firm last November.
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