Tepco to sell 20% stake in Euras Energy

25 October 2011 (Last Updated October 25th, 2011 18:30)

Electric utility Tokyo Electric Power (Tepco) will sell a 20% stake in its subsidiary Euras Energy Holdings to trading firm Toyota Tsusho for 20bn yen ($263bn).

Electric utility Tokyo Electric Power (Tepco) will sell a 20% stake in its subsidiary Euras Energy Holdings to trading firm Toyota Tsusho for 20bn yen ($263bn).

The transaction, which will be made in January, is part of Tepco's effort to raise funds for compensation payments in connection with the Fukushima nuclear crisis.

The asset sale will replace Tepco as the majority shareholder of the firm, in which Toyota Tsusho currently holds a 40% stake.

Euras Energy has 21 wind power plants with a total capacity of around 520,000kW in Japan, reports mdnnews.