- Press Releases
January 21 (Renewables Now) - Tokyo Gas Co Ltd (TYO:9531) plans to develop 1 GW of renewable energy projects in the Nordics by the end of the decade through a new joint venture in Denmark with regional multi-utility company EWII S/I.
The Japanese city gas supplier said in a statement today it will set up a subsidiary in Copenhagen – TG Nordic ApS – and then buy a 50% stake in a unit of EWII called EWII Production A/S. The latter already owns and operates 10 onshore wind farms in Denmark with a combined capacity of 54.5 MW.
Following completion of the transaction, the jointly owned firm will be renamed TOWII Renewables A/S and will begin investments, at first in Denmark and then expanding into other Nordic markets.
As reasons for its planned investment in Denmark, Tokyo Gas points out the country’s favourable wind conditions and the national carbon reduction goals set by the local government.
“This project will be our first step to participate in the renewables business in Europe, and at the same time, it will be a big challenge for us. Through the collaboration with EWII, we will aim to develop 1 GW of renewable energy, and also contribute to the achievement of CO2 net zero, as stated in our “Compass2030” initiative,” said Takashi Uchida, Tokyo Gas’ president and CEO.