Japan's Itochu invests in UK Winch Energy

Hiroyuki Tsubai, Managing Executive Officer at ITOCHU Corp, Dominic Raab, UK Secretary of State for Foreign and Commonwealth Affairs, Nicholas Wrigley, CEO at Winch Energy Image by Winch Energy

February 14 (Renewables Now) - UK off-grid renewable energy developer Winch Energy Ltd earlier this week announced an investment from Japanese trading company Itochu Corp (TYO:8001) which it will use to fund projects and future development needs.

The Japanese company invested in Winch Energy through its subsidiary Itochu Europe Plc, which becomes Winch Energy's newest shareholder. The other shareholders in the company are UK-based Winch Partners Ltd, French renewable energy producer Total Eren SA, owned by Eren Groupe SA, and Saudi Arabia-based firm Al Gihaz.

Winch Energy has also signed a marketing and sales deal with Itochu Europe Plc as part of which the company's remote power unit technology will be sold via Itochu's global network. The two companies will also team up on the development of off-grid power projects in Asia.

In 2020, Winch Energy plans to install 300 remote power units in Sub-Saharan Africa, Asia and Latin America.

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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