Japanese conglomerate Toyota Tsusho Corporation has established a new joint venture (JV) seeking to develop renewable energy projects across Africa.
Named AEOLUS, the JV is split in 50-50 ownership between African infrastructure and mobility company CFAO and renewables project owner Eurus Energy Holdings, both of which are subsidiaries of Toyota Tsusho.
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The new company, registered in France, will build on the two companies’ existing operations across Africa to ultimately become an independent power producer (IPP) for solar, wind, and geothermal power generation projects. Toyota Tsusho said that following its IPP activities, AEOLUS would “accelerate its contribution to sustainable economic growth in Africa by leveraging on its renewable energy projects and providing solutions and developing new businesses, catering to the circumstances and needs of each country.”
Eurus Energy currently has a 262.5MW wind project online in Egypt and another 504MW project under construction. In terms of solar PV, the company operates 352MW worldwide across 19 projects.
Tetsuya Suwabe, president and CEO of Eurus Energy said that company: “has been developing its wind and solar power generation business mainly in Japan, Asia, the Americas and Europe under its corporate philosophy of ‘helping to preserve the global environment by disseminating and expanding clean energy technologies’. We are committed to delivering affordable, clean energy to the people of Africa and contributing to the creation of a sustainable society.”
It was not disclosed in which African countries the JV intends to invest. The new company has a capital stock of €15 million (US$16.2 million).
Richard Bielle, chairman and CEO of CFAO Group said: “CFAO has more than 170 years of experience and knowledge, solid business networks across the continent, and one of the largest footprint with direct investments in Africa. We will harness CFAO’s strengths to the fullest and, together with Eurus Energy, accelerate renewable energy business in Africa to contribute to sustainable economic growth in Africa.”
