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Toyota Tsusho and Eurus Energy Hold Ceremony to Mark Completion of Egypt’s First Wind Power IPP Project

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Toyota Tsusho and Eurus Energy Hold Ceremony to Mark Completion of Egypt’s First Wind Power IPP Project

– Contributing to the spread of renewable energy in the country with green and low-priced electricity –

 

Toyota Tsusho Corporation (“Toyota Tsusho”) and its group company Eurus Energy Holdings Corporation (“Eurus Energy”) today announced a ceremony on December 5 in Cairo, Egypt to mark the completion of a newly constructed 262.5 MW wind power plant in the Arab Republic of Egypt which began operation on October 31.

 

This is Egypt’s first-ever wind power independent power producer (“IPP”) project. Toyota Tsusho and Eurus Energy partnered with French electric utility company Engie S.A. and Egyptian construction company Orascom Construction S.A.E. to establish Ras Ghareb Wind Energy S.A.E. which will own and operate the power plant for the next 20 years and sell electricity to the Egyptian Electricity Transmission Company.

 

With the completion of this power plant, Toyota Tsusho and Eurus Energy will contribute to the spread of green and low-priced renewable energy in Egypt and aim to expand the wind power generation business in the future. Going forward, the companies will also plan to further develop the renewable energy business in Africa.

  • Project overview
Location Gulf of El Zayt, Arab Republic of Egypt
Power generation capacity 262.5 MW (2.1 MW x 125 units)
Operating company name Ras Ghareb Wind Energy S.A.E.
Investment ratio ・    Toyota Tsusho Group 40%
(Toyota Tsusho Corporation 30%, Eurus Energy Holdings Corporation 10%)・    Engie S.A. 40%

・    Orascom Construction S.A.E. 20%

Electricity purchaser Egyptian Electricity Transmission Company
Start of construction December 2017
Start of commercial operation October 2019

 

Eurus Energy and YARD ENERGY to Build Three Wind Farms Totaling 155 MW in Groningen, the Netherlands

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Amsterdam and Amersfoort, the Netherlands – 1 October 2019
Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, and YARD ENERGY Group (“YARD”), a Dutch-based developer of wind energy projects, jointly announced today that they have achieved financial close for the construction of Windpark Mauve, Windpark Mondriaan and Windpark Vermeer, with a combined capacity of 155 MW, in the province of Groningen in the Netherlands. Eurus acquired the projects from YARD prior to financial close. YARD will remain as a minority shareholder in the projects.
Windpark Mauve and Windpark Mondriaan will be built near the Port of Delfzijl and will consist respectively of seven and nine wind turbines. Both projects will be financed by Rabobank and Sumitomo Mitsui Banking Corporation. Windpark Vermeer, consisting of 20 wind turbines, will be located approximately 20 km to the south of the two other wind farms, and will also be financed by the two banks, together with ABN AMRO Bank and BNG Bank. Eneco will offtake the renewable electricity from all three wind farms, in an amount equivalent to the annual consumption of approximately 200,000 households.
The three wind farms will bring the total wind capacity of Eurus in the Netherlands to 303 MW by 2021, when all three wind farms are expected to start operation. Hidenori Mitsuoka, Managing Director of Eurus Energy Europe, stated: “Thanks to the successful partnership with YARD ENERGY, our portfolio in the Netherlands will soon become our second largest in Europe after Spain. We hope to grow our Dutch business further and thus contribute to achieving the EU target of 40% greenhouse gas reduction by 2030.” YARD has been working on the development of the three wind farms since 2014, and will also manage their construction. Kevin Dijkers, CEO of YARD, commented: “Reaching financial close of these three wind farms again proves that entering into a strategic partnership with Eurus Energy was the right decision. Working together with our reliable partner, we were able to accelerate our development process and reach financial close earlier than anticipated. The three projects significantly contribute to the Dutch targets for renewable energy, and we are very proud of this result”.
Stibbe, Clifford Chance, and Cees Advocaten provided legal advisory services, PwC and mth accountants & adviseurs provided tax advisory services, and IX Wind provided technical services for the transaction. Allen & Overy, DNV GL, Loyens & Loeff, and Marsh provided the lenders with legal, technical, tax, and insurance advice respectively, and Rebel audited the financial model.

 

 

 

Eurus Energy Marks the 1 GW Milestone in Europe as Windpark Spui in the Netherlands Starts Operation

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Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, announced today the start of commercial operation of Windpark Spui, a 21 MW wind farm located in the municipality of Hoeksche Waard in South Holland, the Netherlands. Windpark Spui consists of five Enercon E-126 EP4 wind turbines, each with a hub height of 135 meters, a rotor diameter of 127 meters and a rated power of 4.2 MW. The construction of the wind farm has been managed by YARD ENERGY, with Enercon acting as the project EPC contractor. The power generated at Windpark Spui, which will be sufficient for supplying renewable electricity for more than 24,000 households, will be sold to Eneco Group. YARD ENERGY will remain in the project as a minority shareholder. With the successful completion of the construction of Windpark Spui, the total capacity of Eurus’ wind farms in Europe now stands at 1,020 MW, passing the 1 GW milestone. Tetsuya Suwabe, Managing Director of Eurus Energy Europe, states: “As a global frontrunner in the field of renewable energy, Europe has always been one of the key markets for the growth of Eurus Energy Group. We will continue to expand our European project portfolio and contribute to further progress in Europe’s energy transition.” Eurus entered the European market in the early 1990s with investment in two wind farms in the UK, and currently has operational assets in six European countries.

Eurus Energy Acquires Operational Wind Projects in the Netherlands from YARD ENERGY

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Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, and YARD ENERGY Group (“YARD”), a Dutch-based developer of wind energy projects, jointly announced today that Eurus has acquired 6 operational wind farms in the Netherlands with a combined capacity of 32.18 MW from YARD. The 6 wind farms, consisting of 15 wind turbines in total, were developed and constructed by YARD in various parts of the Netherlands. Their combined production is sufficient for supplying renewable electricity for more than 24,000 households. The acquisition has brought the total wind capacity of Eurus in the Netherlands to 106.48 MW. Tetsuya Suwabe, Managing Director of Eurus Energy Europe, stated: “We are glad that our Dutch business has been growing steadily, thanks to the successful partnership with YARD ENERGY. We also took over the asset management of the projects from YARD ENERGY and will maintain good operations for all stakeholders.” Kevin Dijkers, CEO of YARD, added: “Eurus Energy proved to be a very good long term partner making it possible for us to keep developing wind energy projects, being our contribution to the energy transition.” Dentons, IX Wind and PwC respectively provided Eurus with legal, technical and tax advisory services, while Stek and Cees Advocaten advised YARD on legal matters and mth accountants & adviseurs provided tax advisory services for the transaction. Horst & van de Graaff Notarissen provided all notary services.

Windpark Deil in the Netherlands reaches Financial Close

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Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, and YARD ENERGY Group (“YARD”), a Dutch-based developer of wind energy projects, jointly announced today that they have achieved financial close for the construction of Windpark Deil, a 21-MW wind farm in the Netherlands. Eurus acquired the project from YARD prior to financial close. YARD will remain as a minority shareholder in the project as from start of operation. Windpark Deil is one of the three wind farms to be built near the interchange between A2 and A15 motorways in the municipality of West Betuwe in Gelderland. It will consist of five Vestas V136-4.2 MW wind turbines, which will have a hub height of 140 meters and a rotor diameter of 136 meters. Rabobank and Sumitomo Mitsui Banking Corporation will provide the debt financing for this project. Eneco Group will offtake the renewable electricity from the wind farm, which is equivalent to the consumption of approximately 26,000 households. Windpark Deil will be the second wind farm to be built under Eurus-YARD partnership, after Windpark Spui reached financial close in April 2018. Tetsuya Suwabe, Managing Director of Eurus Energy Europe, stated: “We will continue in our effort to realize more projects in the Netherlands over the coming years.” YARD has been working on the development of Windpark Deil since 2013, and will also manage the construction of the wind farm. Kevin Dijkers, CEO of YARD, commented: “After years of hard work it is good to see that our windfarm will be successfully operated by our reliable partner Eurus. The track record of Eurus as a long-term operator of wind farms throughout the world will give comfort to all stakeholders, and provide us the opportunity to continuously focus on development of new renewable energy projects contributing to the energy transition”. Stibbe, Clifford Chance, and Cees Advocaten provided legal advisory services, PwC and mth accountants & adviseurs provided tax advisory services, and IX Wind provided technical services for the transaction. Allen & Overy, DNV GL, Loyens & Loeff, and Marsh provided the lenders with legal, technical, tax, and insurance advice respectively, and Rebel audited the financial model.

 

Hidenori Mitsuoka

Managing Director

Mr. Mitsuoka joined Eurus Energy Europe in July 2019 as Managing Director. Prior to this role, Mr. Mitsuoka served as General Manager, Overseas Business Development of Eurus Energy Holdings Corporation (EEE’s parent company and joint venture between Tokyo Electric Power Company and Toyota Tsusho Corporation) and has worked for wind and solar projects in Asia, Oceania and Africa.   Mr. Mitsuoka has experience in wind energy industry for more than 20 years all over the world.  In 1999, he served as the vice president of Tomen Power Corporation in San Diego for 5 years for wind power development in the US. In 2008, he served as director of Eurus Energy UK in London for another 4.5 years for wind power developments in Europe. Mr. Mitsuoka graduated from Waseda University in Japan in 1989 with a degree in law.

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Taichi Katayama

Director of Development

Taichi is one of the earliest members of the Amsterdam team. He has experience with development of projects in many different countries.

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Javier Carrero Vicente

General manager

Javier has been working in the wind industry since the 90s involved in development, construction and maintenance of wind projects. Currently, as responsible of the Asset Management team in Europe, his main goal is to create a solid organization aimed at optimizing the European operational projects in an effective and efficient way and based on the worldwide experience and accumulated know-how.

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Daan van Vulpen

Business development

Daan has joined Eurus Europe in 2017 and has been responsible for development, acquisition and financing of onshore wind projects in the Netherlands. He works closely with the partners of Eurus Energy and implements smart project management tools in order to optimize the development process and the transfer of the projects to asset management. Prior to joining Eurus Energy Daan spent three years working as a consultant Finance Ideas, focusing on sustainable investments in real estate.

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Wouter van den Berg

Associate general counsel

Wouter van den Berg is Associate General Counsel within Eurus Energy Europe, responsible for all of its legal affairs (Corporate, Business Development and Asset Management) and heading the European legal team. Prior to joining Eurus Energy, Wouter first worked as an associate with Clifford Chance focussing on corporate M&A and project finance and after that as an in-house lawyer within construction company Ballast Nedam. He has over 12 years of experience in the energy and infastructure sector, having acted for banks, investors, developers and contractors. Wouter graduated with a Master of Laws degree from both Utrecht University in the Netherlands and a LL.M. degree from Boston University in the USA and is qualified to practice both Dutch and New York law.

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Yoshihiko Ohsa

General Manager, Engineering

Mr. Ohsa joined Eurus Energy Europe B.V. in March 2017 as General Manager of engineering part. His primary responsibility is to support all activity from development to O&M from in terms of the engineering part. So, He works closely with all teams to provide engineering part which should be taken into account and which will be related its commercial condition. Prior to this, Mr. Ohsa worked from 2005 in both developing projects as project manager and construction projects as construction manager in Japan and Korea. Furthermore, he played a role of HQ function for mainly European projects and Australia projects from the viewpoint of construction management including the review of wind resource analysis. He gained experience in comprehensive knowledge of wind energy industry from his career above.

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Tsuruta

General manager

Mr.Tsuruta  re-joined Eurus Energy Europe in April 2019 as General Manager in charge of Business Planning and Human Resources.  Prior to this assignment, he worked at several departments in Eurus’ head office in Tokyo such as Business Development, Human Resources, Safety Management and Information System from 2013 to 2019. Mr.Tsuruta has gained overseas business experience for renewable energy for more than 12 years at Eurus in Barcelona and London in addition to more than 20 yeas of experience in Japan.   Mr.Tsuruta  majored in Sociology at Hosei University in Tokyo and also studied as an exchange program student with scholarship at Baylor University in Texas.

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Tomomi Ara

Accounting assistant

Tomomi Ara joined Eurus as Accounting Assistant in July 2017. Experienced accounting/administration work in Japan and the Netherlands. She is responsible for assisting Accounting & Finance manager and bookkeeping for EEE and the group companies in Europe.

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Teemu Vekkeli

Technical manager

Teemu Vekkeli joined Eurus Energy Europe in 2019 as O&M Technical Manager in the Asset Management team. Mr. Vekkeli is responsible for the technical aspects of the entire EEE portfolio. Prior to joining EEE, he served in various engineering and management roles in both onshore and offshore wind energy since 2007. Mr. Vekkeli holds a M.Sc in Engineering from TUT, Finland.

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Rik Frankfort

Business development manager

Rik Frankfort joined Eurus as business development manager in January 2019. He works on project acquisition, development and financing, with a focus on (corporate) power purchase agreements. Prior to joining Eurus, he worked as an originator of renewable energy contracts across Europe for a Dutch utility. He holds a Master of Science degree from Eindhoven University of Technology. Rik is driven to work towards a energy system that is sustainable, reliable and affordable for everyone. He believes that creative solutions and strong partnerships are key for reaching these goals. If you are interested in working together, please get in touch via e-mail or LinkedIn.

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Carolien Ijzerman

Office Manager

Carolien joined Eurus in 2017 and ensures for a smooth running of the office. Her job ranges from day to day administration to supporting members of every team at Eurus. Prior to working at Eurus Energy Carolien has worked at Mitsubishi Aircraft Corporation Europe. Carolien holds a bachelor’s degree in Japan studies from Leiden University.

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Daniel

QHSE Manager

Daniel joined Eurus Energy Europe on April 1st 2019 as the new Quality Health Safety and Environment Manager within the Asset Management team. He is responsible of managing QHSE related topics across the European portfolio as well as providing support to the Asset Management teams.  His aim is also to improve the HSE Performance of O&M Contractors / Subcontractors through implementation of audits. Prior to joining EEE, Daniel worked in Poland for EDF Renewables in the Operation & Maintenance of onshore windfarms. Earlier, he also worked for few years as an HSE consultant in France and in French overseas territories. Daniel, originally from Nantes (FR), graduated from EME - Ecole des Metiers de l’Environnement in 2012 where he received his Environmental Engineer Diploma focusing on Renewable Energies.

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Bram de Roos

Business development manager

Bram de Roos joined Eurus in May 2019 as Business Development Manager and has a focus on the financing of Eurus’ projects. Next to arranging project finance debt, he also works on other aspects of project development leading to Financial Close, especially in the Netherlands. Throughout his career, Bram has worked at several banks including ING and Triodos focussing on project finance transactions in the renewables space. He has experience in the full range of technologies from offshore wind to concentrated solar power throughout Europe and the Middle East. He obtained a dual Bachelor of Arts in Japanese Studies and Political Science at Leiden University, and a Master of Arts in International Trade and Investment Policy from the George Washington University in Washington DC.

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Sharif Soliman

Legal Counsil

Sharif Soliman is Legal Counsel within Eurus Energy Europe, involved in all of its legal affairs (Corporate, Business Development and Asset Management). Before joining Eurus, Sharif was admitted to the Amsterdam Bar and an associate at the Corporate M&A section of NautaDutilh, where he advised both national and international clients on a wide range of corporate law issues, including corporate governance, corporate structuring, mergers, acquisitions, joint ventures and directors' and officers' liability. In addition to his experience in corporate law, he has gained experience in corporate litigation, commercial arbitration, investment arbitration, setting-aside proceedings and internal investigations. Sharif also has experience as a corporate legal counsel at Rabobank Group, where he focussed on international and national sustainability projects. Sharif studied at Vrije Universiteit, where he obtained a LL.B. in Dutch law (honours & cum laude) and a LL.M. in Business law (cum laude).

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