BookTitleToyota Tsusho 70-Year History

Summary

Toyota Tsusho 70-Year History

in diesel power generation businesses in the Philippines,Pakistan, and Indonesia. Across the ocean, in Japan,Tomen entered the coal-fired IPP and wind powergeneration business by securing financing for its firstdomestic project of that kind. However, deterioration inthe financial situation at Tomen derailed expansion of theIPP business. The merger with Toyota Tsusho in 2006gave rise to an opportunity to try again. Toyota Tsushomade a conscious effort in the North American marketto recover the credentials Tomen had lost as a businessoperator in IPP projects. Toyota Tsusho successfullyparticipated in six IPPs, including the Goreway IPP in2009, the Oyster Creek IPP in 2010, and the Shore IPP in2013.6 Expansion of Renewable Energy BusinessIn 1986, the Tomen Group launched wind powergeneration projects in the U.S. It subsequently launchedprojects in Europe (in the U.K. in 1993, Italy in 1996,and Spain in 1998) and in Japan in 1999. Later, in 2001,Tomen spun off its Power Division to establish TomenPower Holdings. In 2002, following an injection of fundsfrom Tokyo Electric Power Co. Holdings, Tomen PowerHoldings became Eurus Energy Holdings Corp. EurusEnergy Holdings’shareholder structure was changed to60% Toyota Tsusho and 40% Tokyo Electric Power Co.Holdings in 2012, when Eurus Energy Holdings becamea subsidiary of Toyota Tsusho. Since then, Eurus EnergyHoldings has expanded its business operations overseasto Europe (Finland and the Netherlands in 2016) and theSouthern Hemisphere (Australia in 2012, Uruguay in2015, and Chile in 2017).In Japan, the Act on Special Measures ConcerningProcurement of Electricity from Renewable EnergySources by Electricity Utilities (FIT law) went into effectin July 2012. Eurus Energy Holdings expanded its windand solar power generation businesses and by June 2018the company’s domestic wind and solar power generationfacilities’capacity had reached 1,000 megawatts.New initiatives in October 2018 led to Eurus EnergyHoldings’participation in the power transmissionbusiness and the construction of large storage batteries inideal location for wind power generation: the DouhokuregionofHokkaido.7 Starting a Wood Biomass Power GenerationBusinessIn 2000, Toyota Tsusho set its eye on developing highefficiencycogeneration systems as environment-friendlyenergy systems. To that end, the company formed ENE-VISION in 2002. Together with TMC, Denso Corp.,Sumitomo Rubber Industries, Toyota Motor ThailandCo., Ltd., and more than 80 other domestic and overseascompanies, Toyota Tsusho has built a track record ofsupplying cogeneration system design, construction, andoperation.Toyota Tsusho completed the Gotsu Biomass PowerPlant in Gotsu-shi in Shimane Prefecture, in 2015,Gotsu Biomass Power Plant exterior140