August 15 (Renewables Now) - Tokyo Electric Power Company Holdings Inc (TYO:9501), or TEPCO, has decided to set up a new company to operate its renewable energy generation business.
The goal of the new company will be to develop between 6 GW and 7 GW of renewables capacity at home and overseas, working both with domestic and overseas partners. This new firm, whose name is yet to be determined, will be able to make quick decisions about large-scale investments and flexibly procure required capital, TEPCO said in a statement last week.
The utility intends to create the new company in October 2019 and then execute an absorption-type split agreement the following month.
After the company-split, it will pursue reaching a profit of up to JPY 100 billion (USD 944.2m/EUR 846.8m) in fiscal year 2030.
(JPY 10 = USD 0.944/EUR 0.847)