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Tepco says to lower stake in wind power firm

Tokyo Electric Power Co will sell part of its stake in Japan's biggest wind power developer, the troubled utility said on Tuesday, as it looks to raise funds to compensate those affected by the ongoing crisis at its crippled Fukushima nuclear plant.

* Tepco: to reduce stake in Japan's biggest wind power developer

* Looking to raise funds for atomic crisis compensation

* Partner Toyota Tsusho to become top shareholder in wind venture

* Troubled utility to make 10 bln yen from sale -Nikkei

TOKYO - Tokyo Electric Power Co will sell part of its stake in Japan's biggest wind power developer, the troubled utility said on Tuesday, as it looks to raise funds to compensate those affected by the ongoing crisis at its crippled Fukushima nuclear plant.

Japan's trade minister on Monday told Tokyo Electric, known as Tepco, to cut at least 2.5 trillion yen ($33 billion) in costs over 10 years, more than double the amount the firm planned several months ago.

Tepco will reduce its stake in Eurus Energy Holdings Corp to 40 percent from 60 percent through a sale to its sole partner in the joint venture, Toyota Tsusho Corp , the two companies said in a statement on Tuesday.

The two firms did not disclose the value of the deal, which will make Toyota Tsusho the main stakeholder in the wind developer.

The Nikkei business daily reported on Sunday, however, that the sale would be worth around 20 billion yen and would generate... more [truncated due to possible copyright]  

* Tepco: to reduce stake in Japan's biggest wind power developer

* Looking to raise funds for atomic crisis compensation

* Partner Toyota Tsusho to become top shareholder in wind venture

* Troubled utility to make 10 bln yen from sale -Nikkei

TOKYO - Tokyo Electric Power Co will sell part of its stake in Japan's biggest wind power developer, the troubled utility said on Tuesday, as it looks to raise funds to compensate those affected by the ongoing crisis at its crippled Fukushima nuclear plant.

Japan's trade minister on Monday told Tokyo Electric, known as Tepco, to cut at least 2.5 trillion yen ($33 billion) in costs over 10 years, more than double the amount the firm planned several months ago.

Tepco will reduce its stake in Eurus Energy Holdings Corp to 40 percent from 60 percent through a sale to its sole partner in the joint venture, Toyota Tsusho Corp , the two companies said in a statement on Tuesday.

The two firms did not disclose the value of the deal, which will make Toyota Tsusho the main stakeholder in the wind developer.

The Nikkei business daily reported on Sunday, however, that the sale would be worth around 20 billion yen and would generate a profit for Tepco of about 10 billion yen.


Source: http://www.reuters.com/arti...

OCT 25 2011
http://www.windaction.org/posts/32295-tepco-says-to-lower-stake-in-wind-power-firm
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