Renova to issue new shares worth $117.6 mln to Tokyo Gas
01/04/2024 08:30
TOKYO, April 1 (Reuters) - Japanese renewable power
producer Renova Inc 9519.T said on Monday it will issue new
shares worth $117.62 million to Tokyo Gas 9531.T as the two
firms plan to closely work on renewable energy sources and
storage battery businesses.
Under the capital alliance deal, Renova will issue
11,877,600 new shares to Tokyo Gas through a third-party
allotment. The share sale will make the utility giant the second
biggest shareholder of Renova with 13.04% of total outstanding
shares.
Renova and Tokyo Gas plan a joint development of onshore
wind power generation business, collaboration in biomass power
generation business and grid-scale battery storage device
business.
Renova said it also plans to discuss with Tokyo Gas about
the addition of 100MW to the power purchase agreement.
($1 = 151.3400 yen)
(Reporting by Mariko Katsumura;
Editing by Alison Williams)
((Mariko.Katsumura@thomsonreuters.com;))