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INPEX CORPORATION

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Japan picks consortium led by Toda to build Goto offshore wind farm

06/11/2021 | 06:29am EDT

TOKYO (Reuters) - Japan's industry ministry said on Friday it had chosen a consortium of six companies led by Toda Corporation to build the 16.8 megawatts (MW) Goto floating offshore wind farm in Nagasaki, southern Japan, in an auction.

The consortium is the first winner of government auctions for new offshore wind power projects under a new law to promote the sector as Japan aims to boost renewable power capacity to help it achieve its 2050 goal of becoming carbon neutral.

Other members of the consortium are Eneos Corp, a unit of Eneos Holdings Inc, Osaka Gas Co Ltd, Inpex Corp, Kansai Electric Power Co Inc and Chubu Electric Power Co Inc.

There were no other bidders, the ministry said in a statement, adding that the consortium's proposal met all the criteria.

The ministry launched the tender for the Goto project in June last year and closed it in December.

A number of companies, including big foreign wind power firms, are keen to enter Japan's market as it plans to install up to 10 gigawatts (GW) of offshore wind capacity by 2030, and 30 GW to 45 GW by 2040.

The Goto project did not attract more than one bidder as it was small and a floating wind project, but all eyes are on the next three projects - two in Akita, northern Japan, and one in Chiba, near Tokyo.

The result of those auctions are expected to be announced around November.

Governments worldwide are expected to offer a record number of tenders for offshore wind sites and capacity this year, with more than 30 GW on the block, as more and more countries roll out plans to boost wind power in an effort to reduce carbon footprints.

(Reporting by Yuka Obayashi; Editing by Robert Birsel)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
CHUBU ELECTRIC POWER COMPANY, INCORPORATED 1.36% 1377 End-of-day quote.10.78%
ENEOS HOLDINGS, INC. 0.84% 468.7 End-of-day quote.26.54%
INPEX CORPORATION -0.98% 807 End-of-day quote.45.14%
OSAKA GAS CO., LTD. 0.76% 2112 End-of-day quote.0.00%
THE KANSAI ELECTRIC POWER COMPANY, INCORPORATED -0.09% 1087.5 End-of-day quote.11.69%
TODA CORPORATION -4.15% 762 End-of-day quote.11.57%
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Financials
Sales 2021 1 059 B 9 653 M 9 653 M
Net income 2021 146 B 1 327 M 1 327 M
Net Debt 2021 1 026 B 9 357 M 9 357 M
P/E ratio 2021 8,09x
Yield 2021 4,47%
Capitalization 1 178 B 10 734 M 10 742 M
EV / Sales 2021 2,08x
EV / Sales 2022 1,78x
Nbr of Employees 3 163
Free-Float 67,1%
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Mean consensus BUY
Number of Analysts 10
Average target price 1 026,00 JPY
Last Close Price 807,00 JPY
Spread / Highest target 77,2%
Spread / Average Target 27,1%
Spread / Lowest Target -5,82%
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Managers and Directors
NameTitle
Takayuki Ueda President & Representative Director
Daisuke Yamada Director, General Manager-Finance & Accounting
Toshiaki Kitamura Chairman
Takahiko Ikeda Director, EVP, GM-Technology & Head-Compliance
Takashi Kubo General Manager-Materials & Information Systems
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