Eurus Energy to construct first mega solar power plant of 45MW in the USA
Eurus Energy Holdings Corporation
The Tokyo Electric Power Company, Incorporated
Toyota Tsusho Corporation
Eurus Energy Holdings Corporation (“Eurus Energy”) will commence the
construction of a world-class mega solar power plant with a total
installed capacity of 45MW in California. Its commissioning is
scheduled for June 2011.
As it is Eurus Energy Group's first mega solar project in the United
States, all of the photovoltaic panels for the project will be supplied
by Sharp Corporation, one of the most prestigious solar system
manufacturers. All of electricity generated will be sold to Pacific Gas
and Electric Company - the largest electric company in California - for
20 years from the date of commissioning in accordance with a long-term
electricity sales agreement signed in December 2009.
In the United States, and thirty seven states in particular, including
California, the use of renewable energy sources is actively promoted
through the Renewable Portfolio Standard (RPS) in addition to the
amplification of federal government subsidy plan. Against this
backdrop, the market for solar photovoltaic power generation is
expected to grow at an annual rate of about 40% for the foreseeable
future.
As Japan's largest and one of the world's leading developer of wind
farms, Eurus Energy Group currently operates 1,900MW of wind farms in
six countries. In 2008, Eurus Energy Group put a1MW solar
photovoltaic power plant into operation in South Korea, with an eye
toward the exploding opportunities of solar electricity generation to
contribute toward furtherance of its business activities and
improvement of investment return, and for expectation to set a basis
for the Group's development in this direction.
In February 2010, Eurus Energy Group made a capital increase of 25,000
million yen through shareholders allotment to the Tokyo Electric Power
Company, Incorporated (“Tokyo Electric”) and Toyota Tsusho Corporation
(“Toyota Tsusho”) in order to strengthen its financial basis.
Tokyo Electric is committed to introduce zero-emission power sources
actively as a part of its “2020 Vision”. To achieve this goal, under
the leadership of Eurus Energy Group will expand the use of wind, solar
and other renewable energies both in Japan and overseas.
Toyota Tsusho identifies a business utilizing electric power and
renewable energy as one of priority areas. In particular, Toyota Tsusho
began to work on wind power generation business as early as in the
second half of the 1980’s and has established its present position.
Toyota Tsusho will aggressively work on development of solar energy
business to contribute to build a low carbon society from a global
perspective.
