Toyota, Chubu Electric to form renewable power venture
Toyota Motor Corporation (Toyota; head office: Toyota City; President and Representative Director: Akio Toyoda), Chubu Electric Power Co., Inc. (Chubu Electric Power; head office: Nagoya City; President & Director: Kingo Hayashi), and Toyota Tsusho Corporation (Toyota Tsusho; head office: Nagoya City; President & CEO: Ichiro Kashitani) concluded an agreement today to establish Toyota Green Energy LLP (Toyota Green Energy) for the purposes of obtaining and managing renewable energy sources in Japan and supplying electric power from renewable energy sources to the Toyota Group in the future.
Toyota aspires to move toward a society where people, automobiles, and nature can coexist in harmony. Under Toyota Environmental Challenge 2050, Toyota plans to reduce the environmental impact from automobiles to as close to zero as possible and at the same time engage in activities that contribute to the global environment and society. The clean energy to be supplied through this business is expected to reduce CO2 emissions from plants and other facilities to zero in the future and to contribute to the realization of a low-carbon society.
Chubu Electric Power has been increasing the use of renewable energy in its drive to expand the scope of ESG management and contribute to resolving issues relating to SDGs. By participating as a business partner in the activities of the Toyota Group to create a low-carbon society, the company will contribute to improving Japan’s energy self-sufficiency rate and reducing CO2 emissions.
Toyota Tsusho has engaged in the renewable energy business for more than 30 years, from development to operation of power stations, with a focus on wind power and solar power generation. The company plans to make use of its expertise in management of such business in this project in order to foster the transition to a low-carbon society.
Going forward, Toyota Green Energy will achieve sustainable and competitive energy by maintaining sustainable practices through cost reductions and extending the lifespans of and replacing existing facilities.
Profile of Toyota Green Energy
|Establishment||July 2020 (planned)|
|Location||4-7-1 Meieki, Nakamura-ku, Nagoya City, Aichi Prefecture|
|Line of business||Acquisition and management of renewable energy sources|
|Investment ratio||Toyota Motor Corporation 50%, Chubu Electric Power Co., Inc. 40%, Toyota Tsusho Corporation 10%|