6 March 2003 – Marubeni Corporation and Electric Power Development Co. of Japan said Wednesday it had bought a Spanish wind power company for €76.5m.
SEC HoldCo SA, a fifty-fifty joint venture between Marubeni and EPDC, purchased all outstanding shares in Sistemas Energeticos Cando SA, or SEC, from Gamesa Energia SA, one of the world’s largest windmill makers.
SEC has three wind power stations in Galicia, northwestern Spain, with combined power output of 64 MW.
Spain is now pushing ahead with a programme to develop wind power and other renewable energy sources. The country plans to boost its wind power output to 12 GW by 2010 from the current level of about 4.8 GW.
The acquisition represents the first foray into wind power generation business overseas both for Marubeni, a major trading house, and EPDC, said officials of the companies.
Marubeni Corporation and Electric Power Development Co were among the founding members of Japan’s Wind Power Developers Association, established in 2000 to promote wind power generation in Japan.