Marubeni Enters Wind Energy Markets in North America

Marubeni Corp., one of Japan's major general trading companies, announced on December 4, 2007, that it decided to enter wind energy markets in North America by obtaining 1.32 million shares of Oak Creek Energy Systems, Inc. (OCES), a wind energy developer in California. For this equity participation, Marubeni invested U.S.$21.5 million and has become the major shareholder of OCES (shareholding ratio of 56.3 percent). The transaction has been permitted by the State of California and approved by OCES's shareholders.

OCES has been engaged in wind farm projects for more than 20 years in Mojave, South California, one of the major wind farm districts in North America. Backed up by rich experience in development, construction, and operation of wind power projects, OCES is currently working on various projects (total of about 5 million kilowatts) in California, etc. Most notable among them is the Alta Wind Energy Center to be constructed over five years beginning in 2010. When completed, it will help meet the standard in California, where the renewable energy rate of power demand is to be increased up to 20 percent by 2010 and then 33 percent by 2020.

With this investment, Marubeni will not only help OCES fund its development and back up the business, it will also support OCES with wind turbine procurement and finance through Marubeni's global experience in the power business.

http://www.marubeni.com/news/2007/071204e.html

Posted: 2008/04/12 05:35:43 PM