Participation in the Largest Wind Power Generation Project In Korea

2005-06-03

Eurus Energy Japan Corporation, a subsidiary of Eurus Energy Holdings Corporation, has been engaged in a wind power generation business with a power output exceeding 180MW in Japan. Eurus Energy Japan has recently decided to take a stake in the largest wind power generation project in Korea (total output: 98MW) that is promoting under the leadership of Unison, the biggest wind power company in Korea, as a new market.

The total project cost is estimated at 16 billion yen, and the planned construction site is Gangwon-do in the northeastern part of Korea. An agreement among the shareholders and a loan agreement for financing the project have already been executed. The construction started in April, 2005 and all the wind turbine generators (49 units) are expected to be brought into commercial operation in September, 2006.

Under the Renewable Energy R&D Basic Plan announced at the end of 2003 in Korea, the target for introducing wind power generation in fiscal 2011 is set at 2,250MW. The Korean government has set tariff protection for 15years to electricity generated by wind park at the predetermined fixed price (107.66 Korean won/kWh for 15 years). And this will help accelerate the expansion of wind power business in Korea from now on. Eurus Energy Japan will participate in this project at the invitation of Unison. Unison is targeting its expansion of the wind power generation business under the supportive national policy.

The Eurus Energy Group will take part in the above project, drawing on its experience and expertise in the wind power generation business (installed capacity : 1,020MW) that it has developed in Japan, the United States and Europe up to now. The Eurus Energy Group will undertake wind power generation business in Korea as a new market on a full scale.

[Outline of Project Company]

Company	Gangwon Wind Power Co. Ltd.
Capital	37.8 billion won (Approximately 3.8 billion yen)
Shareholders	Unison	35%
	Axia Power Holdings (Subsidiary of Marubeni)	30%
	Eurus Energy Investments	10%
	(Subsidiary of Eurus Energy Japan)
	Others	25%
Total Project Cost	160.4 billion won (Approximately 16 billion yen)
Total output	98 MW (2MW x 49units)
Purchaser	Korean power market (Settlement under governmental determined fixed price purchase program)
Sales period	Over 15 years

Eurus Energy Holdings Corporation Web Site
http://www.eurus-energy.com/english

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