Cosmo Energy Holdings

Cosmo Acquires 100% Ownership of Eco Power
(Wind Power Generation Business)
and Plans to Change Company Name

May 28, 2019
Cosmo Energy Holdings Co., Ltd.

 

Cosmo Energy Holdings Co., Ltd. (hereinafter referred to as “Cosmo”) today announced that its wind power generation business, Eco Power Co., Ltd. (hereinafter referred to as “Eco Power”), became a wholly owned subsidiary on April 1, 2019 and will be renamed Cosmo Eco Power Co., Ltd., effective July 1, 2019.

 

1. Background

Eco Power has been a driving force of the Cosmo Energy Group's renewable energy business since joining the Group in 2010. In 2018, when the Group launched The Sixth Consolidated Medium-term Management Plan (FY2018 - FY2022) under the slogan “Oil & New,” Eco Power's wind power generation business was explicitly positioned as the core of “New” business, and it is now taking steps to expand its onshore wind power generation capacity and develop its capabilities in the offshore wind space. Over the long term, the Cosmo Energy Group will focus on renewable energy to strengthen its business portfolio, with aim of becoming a leading company in offshore wind power generation.

 

In line with the above management plan and vision, Cosmo made Eco Power a wholly owned subsidiary on April 1, 2019, to further bolster management of the Group, and so that Eco Power can advance its business activities through an even closer relationship between the two companies.

 

With this change in capital relationship, Eco Power will be renamed Cosmo Eco Power Co., Ltd. from July 1, 2019. This move aims to ensure that all stakeholders, including shareholders, investors, and local communities, understand that Eco Power is a company that will shape the future of the Cosmo Energy Group.

2. Outline of Eco Power

(1) Name(Former name) Eco Power Co., Ltd.
(New name) Cosmo Eco Power Co., Ltd.
*Date of change: July 1, 2019
(2) AddressTOC Osaki Bldg., 1-6-1 Osaki, Shinagawa-ku, Tokyo, Japan
(3) Name and title of representativeToshiyuki Mizui, President & Representative Director
(4) Business activities
  • Sales of wind power
  • Management of wind power generation business, including joint ventures, and provision of operational guidance
  • Collection, processing, analysis, and scrutiny of wind direction, wind speed, noise, and other data, and provision of related contracted services
  • Operation services for self-owned and other companies' wind turbines
  • Maintenance and repair of wind turbines and provision of related contracted services
(5) Capital7,164,800,000 yen
(6) Date establishedJuly 1, 1997
(7) Major shareholders and shareholding ratiosCosmo Energy Holdings Co., Ltd.: 100%

3. Financial outlook

There is no change other than the change to the company name of Eco Power. The financial impact of acquiring 100% ownership of Eco Power on April 1, 2019 has already been factored into the Consolidated Business Forecast for FY2019 that was announced on May 9, 2019.

 

End

(Contact details for inquiries)
Public Relations & Corporate Branding Group, Corporate Communication Dept.,
Cosmo Energy Holdings Co., Ltd.
TEL +81-3-3798-3101 FAX +81-3-3798-3841