Cosmo Energy Announces Details of New Joint Venture Partner in Yokkaichi Kasumi Power
March 15, 2016
Cosmo Energy Holdings Co., Ltd.
Cosmo Energy Holdings Co. Ltd.（hereinafter referred to as "Cosmo Energy"）announced details of its new joint venture partner in line with the "Notice of Establishment of a New Company" issued on February 9, 2016, following the signing of a joint venture agreement today.
1. About the new joint venture – Yokkaichi Kasumi Power Co., Ltd.
Cosmo Energy established Yokkaichi Kasumi Power Co., Ltd. (hereinafter referred to as "YKP") in partnership with Development Bank of Japan Inc. (hereinafter referred to as "DBJ").
The new company is scheduled to take over the Cosmo Energy Group’s Yokkaichi Kasumi Power Plant, and operate the facility after modifying it to enable the generation of electricity from petroleum coke in addition to conventional residual oil.
Cosmo Energy aims to bolster its competitiveness by providing the knowhow it has built up through its Independent Power Producer (IPP) business over the years and supplying residual oil and petroleum coke produced by the Group. Furthermore, DBJ is expected to draw on the expertise it has gained through the financing of power generation projects to support the structuring of project financing.
2. Corporate profile of joint venture partner
| (1) Name | Development Bank of Japan Inc. |
|---|---|
| (2) Head office | Otemachi Financial City South Tower 1-9-6 Otemachi, Chiyoda-ku, Tokyo 100-8178, Japan |
| (3) President | Masanori Yanagi |
| (4) Business activities | Provision of integrated investment and financing services, including long-term funding |
| (5) Capital | 1,000,424 million yen (Fully funded by the Government of Japan) |
| (6) Date established | October 1, 2008 |
| (7) Net assets | 2,719.4 billion yen (As of March 31, 2015) |
| (8) Total assets | 16,283.3 billion yen (As of March 31, 2015) |
3. Shareholding ratio in the new company
Cosmo Energy Holdings Co., Ltd. 61%
Development Bank of Japan Inc. 39%
End
(Contact details for inquiries)
Public Relations & Corporate Branding Group, Corporate Communication Dept.,
Group Corporate Planning Unit, Cosmo Energy Holdings Co., Ltd.
TEL +81-3-3798-3101 FAX +81-3-3798-3841