Japan Wind Development Rises on Pilot Smart Grid Plan With Toyota, Hitachi
Japan Wind Development Co. advanced the most in almost two months in Tokyo trading after saying it will take part in a pilot smart grid project with Toyota Motor Corp., Hitachi Ltd. and a unit of Panasonic Corp.
The shares rose 21 percent to 124,700 yen on the Tokyo Stock Exchange, the biggest daily gain since July 22. The benchmark Topix index gained 1.7 percent.
The government is spearheading a 100 billion-yen ($1.2 billion) trial of urban smart grids as part of efforts to boost energy efficiency and conservation. Japan Wind and its partners will begin a two-year pilot program in Aomori prefecture in northern Japan, according to a statement filed to the Tokyo Stock Exchange.
The group plans to tap Japan Wind’s existing wind turbines in Rokkasho village in Aomori, while Hitachi will provide a 100- kilowatt solar-power facility, the statement said.
The companies plan to finance the program without government funds, Hidekazu Yui, senior manager of Japan Wind’s administration division, said by telephone. He declined to comment on costs.
Smart grids use digital technology to deal with fluctuations in currents from renewable energy sources such as wind and solar power.