TOKYO : Japanese city gas distributor Tokyo Gas Co Ltd said on Friday it would jointly develop 1 gigawatt of renewable power in the Nordic region with Danish energy supplier EWII by 2030.
Tokyo Gas will spend about 3 billion yen to buy a 50per cent stake of EWII Production, a unit of EWII, which owns and operates 10 onshore wind projects in Denmark with a total capacity of 54.5 megawatts . Tokyo Gas and EWII Production plan to develop about 1 GW of renewable energy in Denmark and other countries in the Nordics by 2030, including the existing assets, a Tokyo Gas spokesperson said.
"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," Tokyo Gas President Takashi Uchida said in a statement. Last November, Tokyo Gas said it would spend 2 trillion yen on cleaner fuels, such as hydrogen, and renewable power with the aim of doubling its profit to 200 billion yen by 2030.