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    1407   JP3154750008

WEST HOLDINGS CORPORATION

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Delayed Japan Exchange  -  12:57 2022-08-18 am EDT
4660.00 JPY   -2.31%
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04/28JERA Co., Inc. agreed to acquire 2.3% stake in West Holdings Corporation from individual shareholders for ¥3.67 billion.
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JERA aims to develop 1 GW solar power in Japan over 5 years

02/02/2022 | 04:27am EDT
FILE PHOTO: The logo of JERA Co., Inc., the world's biggest LNG buyer, is displayed at the company office in Tokyo

TOKYO (Reuters) - Japan's biggest power generator JERA said on Wednesday it will spend 160 billion yen ($1.4 billion) to develop one gigawatt (GW) of solar power farms in Japan over the next five years by joining with local energy developer West Holdings Corp.

The move marks JERA's entry into a local solar power market and comes as part of its plan to expand its renewable energy capacity to 5 GW by 2025 from about 1.5 GW now to help combat climate change.

"We want to become Japan's biggest solar power operator," Satoshi Yajima, JERA's managing executive officer, told reporters.

Under the collaboration, JERA will ask West Holdings to build solar power farms at about 7,000 sites, including former JERA power plant sites, and will sell the electricity to corporate customers seeking clean energy.

JERA plans to buy a minority stake in West Holdings later this year, Yajima said.

JERA, a thermal power and fuel joint venture between Tokyo Electric Power Company Holdings and Chubu Electric Power, holding about 70 GW thermal power capacity, aims to achieve net zero emissions of carbon dioxide by 2050.

The two companies will also consider developing solar power farms outside of Japan, they said.

West Holdings has developed about 65,000 solar power projects of around 2 GW in capacity in Japan and Thailand.

($1 = 114.5500 yen)

(Reporting by Yuka Obayashi, Editing by Louise Heavens)


© Reuters 2022
Stocks mentioned in the article
ChangeLast1st jan.
CHUBU ELECTRIC POWER CO., INC -0.14% 1415 Delayed Quote.15.26%
TOKYO ELECTRIC POWER COMPANY HOLDINGS, INC. -0.98% 504 Delayed Quote.65.66%
WEST HOLDINGS CORPORATION -2.31% 4660 Delayed Quote.-20.24%
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Financials
Sales 2022 67 160 M 496 M 496 M
Net income 2022 4 246 M 31,4 M 31,4 M
Net Debt 2022 25 957 M 192 M 192 M
P/E ratio 2022 45,7x
Yield 2022 1,15%
Capitalization 194 B 1 433 M 1 433 M
EV / Sales 2022 3,27x
EV / Sales 2023 2,81x
Nbr of Employees 346
Free-Float 49,6%
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Mean consensus BUY
Number of Analysts 6
Last Close Price 4 770,00 JPY
Average target price 6 068,33 JPY
Spread / Average Target 27,2%
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Managers and Directors
Takashi Kikkawa President & Representative Director
Eiichiro Egashira Executive Officer
Nobuo Katsumata CFO, Executive Officer & GM-Administration
Kazuo Nakajima Independent Outside Director
Tomohiro Kurohara Independent Outside Director
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