March 26, 2021
The Chugoku Electric Power Co., Inc.
Equity Participation in Energy Fiji Limited
The Chugoku Electric Power Co., Inc. (“Chugoku Electric”) is pleased to announce that on March 25, 2021, it has signed a share sale agreement for the acquisition of 44% stake in Energy Fiji Limited (“EFL”) in Fiji via a special purpose company newly established in Singapore. This equity participation in EFL is made jointly with the Japan Bank for International Cooperation (“JBIC”).
EFL is a vertically integrated electric utility that generates, transmits, and distributes electricity throughout Fiji, where stable economic growth is expected.
The Government of Fiji will retain ownership of a 51% equity stake of EFL and aims to promote renewable energy usage up to 100% in the country by 2036. Chugoku Electric intends to accelerate renewable energy development such as hydro power and solar power in the country together with EFL.
Having cultivated expertise from investments into primarily overseas IPP businesses until now, Chugoku Electric intends to employ the technical knowledge and experience in generation, transmission, distribution and sales of electricity that has been accumulated through our businesses in Japan and overseas.
Taking into account a balanced environment and growth propositions, Chugoku Electric aims to pursue investment opportunities for its international business, especially in the area of renewable energy.