Tohoku Electric Power Company announced July 27 that it would create a joint venture dedicated to photovoltaic power generation with its affiliated electric engineering company Yurtec Corporation. Because many of the areas affected by the Great East Japan Earthquake have construction of large-scale photovoltaic power plants included in their reconstruction initiatives, Tohoku Electric Power intends to address a wide range of needs by utilizing Yurtec’s know-how and vast experience in contracting.
President Makoto Kaiwa of the utility said at an interview on the same day, “We would like to further contribute to extended implementation of photovoltaic power generation.”
Tohoku Electric Power will be the first Japanese utility to establish a company dedicated to large-scale photovoltaic power generation business.
The new company, called Tohoku Solar Power, will be set up in September with a capital of 500 million yen and about six staff members. Tohoku Electric Power and Yurtec will own 70 per cent and 30 per cent, respectively, of the joint venture, which will sell electricity generated from photovoltaic power plants at wholesale and establish power plant operating companies.
Although candidate locations are yet to be decided, power plants are planned to be located in the disaster-hit coastal areas of Fukushima, Miyagi and Iwate Prefectures. Detailed plans will be developed upon creation of the new company.
