Japanese Softbank establishes green energy foundation

Sep 13, 2011 - Japanese mobile operator Softbank Corp (TYO:9984) on Monday officially launched its green energy foundation that will seek to promote the use of energy sources such as solar, wind and geothermal at home, Nikkei said.

The Japan Renewable Energy Foundation will allow local and international experts to devise policy recommendations to bolster the growth of renewable energy installations in Japan.

During the foundation's opening ceremony, Softbank's president Masayoshi Son urged for the separation of power generation and transmission operations, in order to encourage competition in the power sector. According to Son, Japan should also develop wide-area power grids together with other countries from Asia.

In May, Son started a campaign in Japan for the increased use of renewable energy. He has invested into the foundation JPY 1 billion (USD 13m/EUR 10m) of his own cash.

Following the March 11 earthquake and the subsequent nuclear crisis in Japan, the interest in renewable energy in the country is growing. A bill that calls for utilities to purchase all renewable energy produced by third parties at fixed rates was recently passed by Japan's upper house of parliament.

(JPY 100 = USD 1.298/EUR 0.954)

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