Shizuoka Gas Participates in IPP Project Company in Thailand
Shizuoka Gas Company, Ltd. (“Shizuoka Gas”) has acquired 28% issued shares of Eastern Power and Electric Company Limited (“EPEC”), an IPP (“Independent Power Producer”) project company in Thailand, from a subsidiary of Marubeni Corporation (President: Mr. Fumiya Kokubu) through a newly incorporated subsidiary of Shizuoka Gas.
In the progress of energy business deregulation, Shizuoka Gas now pursues to become the best energy solution provider in its supply area. And, from the medium-to-long term perspective, Shizuoka Gas seeks opportunities to expand such energy solution business to overseas.
This investment, which is the first overseas investment for Shizuoka Gas, is intended to obtain knowledge or skills for managing and promoting overseas business and know-how for operating power generation as well as building local networks through participation in the management of existing and established IPP project. EPEC sells electricity generated by its own natural gas fired power plant to Electricity Generating Authority of Thailand (“EGAT”) based on long term contract which is agreed in accordance with the national energy policy.
Shizuoka Gas, while continuously promotes solution business in its supply area, explores future possibilities of developing our business field in promising market around Asia by utilizing its know-how from such solution business.
It is anticipated that this acquisition will not materially impact Shizuoka Gas’s non-consolidated and consolidated financial results for Fiscal 2015.