Toshiba to Invest $8.6bn in Renewable Energy Sector

23 May 2011 (Last Updated May 23rd, 2011 18:30)

Toshiba plans to invest JPY700bn ($8.6bn) in the environment and energy sectors over the next three years amid the Fukushima atomic crisis, which weakened the prospects of its nuclear power business. The company will increase its capital and research and development budget for 2011-13

Toshiba plans to invest JPY700bn ($8.6bn) in the environment and energy sectors over the next three years amid the Fukushima atomic crisis, which weakened the prospects of its nuclear power business.

The company will increase its capital and research and development budget for 2011-13 to more than JPY3tn ($40bn).

Engineers in Japan are fighting to control radiation leaks after a 9.0 magnitude earthquake hit the country in March.

Toshiba plans to tap into the market for various renewable sources of energy and smart grids where more growth is anticipated, reports Reuters.

The company recently announced its plans to acquire smart-meter manufacturer Landis+Gyr for around $2.3bn.

It also formed an alliance with the South Korean wind power firm Unison by buying JPY3bn ($40m) of Unison's convertible bonds and plans to gradually increase its stake to 30% in a year's time.