Chubu Electric to start overseas solar power project in Thailand
NAGOYA, Feb. 26 (Kyodo) — Japanese utility Chubu Electric Power Co. said Tuesday it will start its first overseas solar power generation project in Thailand, as part of efforts to expand profit by entering emerging foreign markets.
Chubu Electric said it has acquired a 49 percent stake in Gunkul Powergen Co., the operator of six solar power plants in Thailand, and will sell electricity generated there to local power companies.
The Thai firm runs two plants at present and is trying to start operations at the four others, now under construction, later this year. The combined output capacity of the six will come to 30,000 kilowatts, Chubu Electric said.
The remaining 51 percent stake is held by Gunkul Powergen's parent, Gunkul Engineering Public Co.
The Nagoya-based utility is keen on extending its business overseas as it is facing anemic domestic business conditions amid its inability to reactivate its Hamaoka nuclear plant due to safety concerns following the 2011 crisis at the Fukushima Daiichi plant.