Establishment of Subsidiary in Denmark & Joint Development of Renewable Energy in Nordics

Source: www.gulfoilandgas.com 1/21/2022, Location: Europe

Tokyo Gas Co., Ltd. (“Tokyo Gas”) will establish a new subsidiary, TG Nordic ApS (“TG Nordic”), and will participate in the renewable energy business jointly with EWII S/I (“EWII”), through strategic investment via TG Nordic.

In accordance with the agreement with EWII, Tokyo Gas will acquire 50% of EWII Production A/S, a subsidiary of EWII engaged in the development and management of renewable energy, via TG Nordic, Tokyo Gas’s new subsidiary in Denmark. After completion of the acquisition, EWII Production A/S will be renamed “TOWII Renewables A/S” (“TOWII”).

Denmark has favourable wind conditions, and therefore presents a suitable environment for the installation of wind farms. Also, the Danish government has announced its intention to reduce CO2 emissions in Denmark to 70% of the emission levels in 1990 by 2030, and to achieve carbon neutrality in Denmark by 2050. This policy is expected to bring further growth of renewable energy in the country. Tokyo Gas and EWII will jointly contribute to de-carbonization of the Nordics by developing and managing renewables via TOWII.

Tokyo Gas will establish TG Nordic in January 2022 and invest in EWII Production A/S through TG Nordic in March of the same year. After completion of the investment, TG Nordic will start to develop renewable energy in Denmark with EWII, expand the scope of its business to other Nordic countries, and aim to develop approximately 1 GW of renewable energy in the Nordics by 2030. The impact of this transaction on the consolidated financial results for the fiscal year under review is expected to be minimal.


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