Tokyo Gas, EWII S/I to jointly develop 1GW renewable projects in Nordics
Tokyo Gas said that it will establish a subsidiary called TG Nordic in Denmark with an investment of around JPY3 billion ($26.39 million) to jointly develop renewable energy projects with Danish multi-utility company EWII S/I across the Nordics.
According to the agreement with EWII, the Japanese natural gas utility will acquire a 50% stake in EWII Production, a subsidiary of EWII, which is involved in developing and managing renewable energy. Currently, EWII Production owns and operates 10 onshore wind farms with a total capacity of 54.5MW in Denmark.
Lars Bonderup Bjørn — EWII S/I CEO said: “We are very proud to establish this joint effort with Tokyo Gas. Not only have we partnered up with a financially strong energy company with whom we have a shared interest in the green transition.
“Also, we see this partnership as a potential to contribute to our global climate challenge, and for both parties there are mutual benefits and mutual learnings to make from a cooperation.
“Denmark has a long tradition in renewable energy and EWII has been part of the journey for many years, and our intention is to give as well as to gain from the co-operation.”
Tokyo Gas, EWII S/I to jointly develop 1GW renewable projects in Nordics. Photo courtesy of Chris 73/Wikipedia.org.
After finalizing the investment, TG Nordic will begin to develop renewable energy in Denmark with EWII, grow the scope of its business to other Nordic countries, and target nearly 1GW of renewable energy in the Nordics by the end of this decade.
Following the closing of the deal, EWII Production will be renamed TOWII Renewables.
Takashi Uchida — Tokyo Gas President and CEO said: “We are very pleased to have the opportunity to participate in the renewables business together with EWII, who has been operating in the onshore wind business for many years.
“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.”