Cosmo Oil, Showa Shell to Form Venture to Operate Solar Plants

Cosmo Oil Co. (5007), Showa Shell Sekiyu K.K. (5002) and Development Bank of Japan Inc. agreed to form a venture to build and operate solar power plants in Japan.

The companies plan to construct eight solar stations with a total capacity of 26 megawatts, they said in a statement today. The sites for the power plants will mostly be former Cosmo Oil depots.

Solar Frontier K.K., a unit of Showa Shell, will provide solar panels for the projects, according to the statement.

Showa Shell and DBJ announced on Jan. 10 that they will set up a venture to finance utility-scale solar power plants in Japan.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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