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Cosmo Oil to enter wind power business

posted on Monday, February 15, 2010 03:12 AM

TOKYO — Cosmo Oil Co it will make a major push into the wind power generation business by taking over EcoPower Co, a subsidiary of Ebara Corp and a major player in the field, around late March. Cosmo said it will acquire a 98.8% equity stake in EcoPower for 1 yen while taking over the wind power firm’s debts worth some 15 billion yen, after Ebara injects 4.85 billion yen worth of capital into EcoPower.

Through the acquisition of EcoPower, Cosmo will gain control over the firm’s 25 wind farms in Japan, mainly in the northeastern region and the northernmost Hokkaido. The facilities including those coming onstream in March are capable of generating 147,000 kilowatts of power, which is sold to electric utilities. But glitches in the facilities have kept their capacity utilization rate low, saddling EcoPower with an estimated 15 billion yen of debts.

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