Category: Renewable energy

Irish wind energy €300m investment by Sojitz, Mitsubishi UFJ Lease & Finance and Kansai Electric Power Corporation
Japanese consortium of trading company Sojitz, Mitsubishi UFJ Lease & Finance and Kansai Electric invest in five Irish wind farms

by Gerhard Fasol

Irish wind energy €300m investment

Irish wind energy investments were announced by trading company Sojitz, Mitsubishi UFJ Lease & Finance and Kansai Electric Power Corporation.

Sojitz, Mitsubishi UFJ Lease & Finance and Kansai Electric Power Corporation have established the special purpose company ShaMrocK Wind Limited.

ShaMrocK Wind Limited will acquire 60% of shares in Evalair Wind Limited from Invisible Energy for a reported €300m, valuing Evalair Wind Limited at €500m.

Note the interesting composition of the Japanese investment joint venture ShaMrocK Wind Limited: the Japanese trading company Sojitz, the Mitsubishi group leasing unit, and Kansai Electric Power Corporation. In this combination, Sojitz contributes international business experience and know-how, and private-equity type investment know-how, Mitsubishi’s leasing unit provides financing know-how, while Kansai Electric Power contributes electricity operator know-how. At the same time, the Japanese consortium gains wind power knowledge, since wind power development in Japan is in relatively earlier stages of development than in Europe, see: https://www.eurotechnology.com/store/j_renewable/

Evalair Wind Limited

Evalair Wind Limited is a wind power plant operating company.

Directors: Michael Murnane, David Murnane

Share holders
- ShaMrocK Limited: 60%
- Invis Energy (JV between Michael Murnane, Craydel Group, HG Capital): 40%
Invis/Evalair Wind power: 5 plants, 223.4MW, 97 turbines
1. Knocknagoum, County Kerry
  - 44.4 MW
  - turbines: 26 (4 x Vestas V90 2MW; 5 x Vestas V90 3MW; 6 x Vestas V80 2MW; 11 x Vestas V52 0.85MW)
  - Energy yield: 133.1 GWh/Year
  - Capacity factor: 34%
2. Leitir Guingaid Leitir Peic, County Galway
  - 44.0 MW
  - turbines: 17 (10 x Enercon E82 2.3MW (LG); 7 x Enercon E82 3MW (LP))
  - Energy yield: 134.4 GWh/Year
  - Capacity factor: 35%
3. Knockduff, County Cork
  - 65.0 MW
  - turbines: 26 (Nordex N90 2.5MW)
  - Energy yield: 229.9 GWh/Year
  - Capacity factor: 40%
4. Killaveenoge, County Cork
  - 25.0 MW
  - turbines: 10 (Nordex N90 2.5MW)
  - Energy yield: 80.5 GWh/Year
  - Capacity factor: 37%
5. Slievecallan West, County Clare
  - 45.0 MW
  - turbines: 18 (Nordex N90 2.5MW)
  - Energy yield: 170.0 GWh/Year
  - Capacity factor: 43%
ShaMrocK Wind Limited

ShaMrocK Wind Limited is a special purpose company to invest in Evalair Ltd.

Headquarter: London
Incorporated: 24 July 2017

Shareholding:
- Mirai Power Europe Limited: 48.8%
  - Sojitz Corporation: 75%
  - Sojitz Europe plc: 25%
- KPIC Netherlands B.V (wholly owned by Kansai Electric Power Co., Inc.): 40%
- Mitsubishi UFJ Lease & Finance Company Limited: 11.2%
Renewable energy Japan – research report

Renewable energy Japan (9th edition)

Copyright (c) 2017 Eurotechnology Japan KK All Rights Reserved
August 2, 2017
Idemitsu Kosan may acquire Showa Shell Sekiyu KK for YEN 500 billion (US$ 4.1 billion)
SHELL may exit Japan after 138 years here

Idemitsu Kosan (出光興産株式会社) aims for market leadership

On December 20, 2014, both Idemitsu Kosan and Showa Shell separately announced that they had entered into discussions of possible business reorganization, indicating that Idemitsu Kosan may acquire Showa Shell next year. Because Showa Shell Sekiyu KK is a Japanese company traded on the Tokyo Stock Exchange, such an acquisition would be via a tender offer for outstanding shares.

With the development of fuel efficient cars and the shrinking population, refined oil products are a shrinking market in Japan, and a merger between Idemitsu Kosan and Showa Shell is a consequence of consolidation of this shrinking market.

This merger would also mean a departure of Royal Dutch Shell from the Japanese market.

Showa Shell Sekiyu KK (昭和シェル石油株式会社)

Listed on Tokyo Stock Exchange (TKS5002)
Market cap: YEN 384 billion (= US$ 3.2 billion)

Although Showa Shell Sekiyu KK (昭和シェル石油株式会社) generally uses the famous yellow and red Shell logo, Showa Shell Sekiyu KK (昭和シェル石油株式会社) is not a wholly owned subsidiary of Royal Dutch Shell plc, but its a public company traded on the Tokyo Stock Exchange (TSE5002), with a large number of shareholders beyond Royal Dutch Shell plc, which is the largest shareholder with a holding of 35.0%.

Given Royal Dutch Shell plc’s holding of 35.0%, this holding currently is worth approx. YEN 134.4 billion (US$ 1.12 billion).

35% of the reported tender offer price would correspond to YEN 175 billion (US$ 1.44 billion)

Shareholders:
- 35.0% Royal Dutch Shell Plc
- 14.9% Government of Saudi Arabia
- 1.8% Nomura Asset Management Co., Ltd.
- 0.9% Daiwa Asset Management Co. Ltd.
- 0.9% Nikko Asset Management Co., Ltd.
- 0.7% Grantham, Mayo, Van Otterloo & Co. LLC
- 0.7% SEB Investment Management AB
- 0.6% BlackRock Fund Advisors
- 0.6% The Vanguard Group, Inc.
- 0.6% Norges Bank Investment Management
- 42.7% others
- —————————————
- 100.0% Total
related: Solar Frontier KK

Solar Frontier KK is a 100% owned subsidiary of Showa Shell Sekiyu KK, developing and manufacturing copper indium gallium selenide (CIGS) solar cells and related business, such as developing and operating solar power stations using CIGS cells.

Revenues and market shares in Japan’s oil/gasoline markets

With a merger of Idemitsu and Showa-Shell, the combined company will have a firm second position with a 30% market share, very close to the market leader JX Holdings with 34% market share.
- JX Holdings: YEN 12,412 billion (34%)
- Idemitsu: YEN 5,034 billion (14%)
- Showa Shell: YEN 2,953.8 billion (16%)
- Cosmo: YEN 3,537.7 billion (11%)
- Tonen General: YEN 3,241.1 billion (18%)
History of Shell and Showa Shell Sekiyu KK (昭和シェル石油株式会社) in Japan

Showa Shell Sekiyu KK (昭和シェル石油株式会社) is the basis of the Royal Dutch Shell Group in Japan.

Showa Shell Sekiyu KK (昭和シェル石油株式会社) was formed on January 1, 1985 by the merger of Showa Oil Co Ltd and Shell Sekiyu KK. The Royal Dutch Shell Group had a shareholding in Showa Oil Co Ltd since June 1951.

Shell Sekiyu KK goes back to Samuel Samuel & Co, started by Samuel Samuel in partnership with his brother Marcus Samuel, 1st Viscount Bearstead (subsequently The Lord Bearstead and The Rt. Hon. The Viscount Bearsted Bt. – the founder of the Shell Transport and Trading Company), in Yokohama around 1876. Samuel Samuel & Co set up the Rising Sun Petroleum Co Ltd. In 1947, Rising Sun Petroleum Company was renamed Shell Sekiyu.

Shell Sekiyu and Showa Sekiyu merged in 1985 to form Showa Shell Sekiyu.

Copyright·©2014 ·Eurotechnology Japan KK·All Rights Reserved·
December 21, 2014
Hitachi Zosen Inova AG acquires Energy-from-Waste (EfW) EPC Axpo Kompogas Engineering AG (Komeng)

Waste is our Energy! – Energy-from-Waste (EfW)

by Gerhard Fasol

Hitachi Zosen Inova AG acquires Axpo Kompogas Engineering AG

AXPO agreed on October 24, 2014 to sell its subsidiary Axpo Kompogas Engineering AG to Hitachi Zosen Inova AG (ZHI AG). Closing is in mid December 2014.

Axpo Kompogas Engineering AG (Komeng)

Axpo Kompogas Engineering AG (Komeng) is an EPC (engineering, planning, construction) company planning and constructing dry fermentation plants using the Kompogas process, which produces biogas and compost from biomass via a dry fermentation process.

Address: Flughofstrasse 54, CH-8152 Glattbrugg, Switzerland
CEO: Bernard C. Fenner
Business: EPC (engineering, procurement, construction) and maintenance of Kompogas plants
Established: 2013
Capital: approximately SFR 3.6 million (YEN 425 million)

Kompogas method generates biogas by methane fermentation from kitchen and other organic waste

The Kompogas process was developed about 1988-1989 by the Swiss entrepreneur Walter Schmid initially on his private balcony.

The Kompogas process produces biogas and compost from biological, organic waste via a fermentation process. The resulting biogas can be used for cars and trucks, and the compost as organic fertilizer.

AXPO is an electricity operator, generating, distributing, selling and trading electricity, and is fully owned by cantons of north-eastern Switzerland.

Hitachi Zosen Inova AG (ZHI AG), which became a subsidiary of Japan’s Hitachi Zosen Corporation (日立造船株式会社) with the acquisition of the bankrupt AE&E Inova Holding AG on December 20, 2010, acquires Axpo Kompogas Engineering AG, as of Nov. 5, 2014.

Hitachi Zosen Inova AG (HZI AG) history

Hitachi Zosen Inova AG (HZI AG) was created when Hitachi Zosen acquired AE&E Inova Holding AG on December 20, 2010, after it filed for bankruptcy in Zurich on December 3, 2010, read details here.

AE&E Inova Holding AG goes back to a department for thermal waste management of the Gesellschaft der Ludwig von Roll’schen Eisenwerke which was founded in 1823.

Japan electronics industries – mono zukuri.

Japan electronics industries: mono zukuri

Copyright (c) 2014 Eurotechnology Japan KK All Rights Reserved

November 8, 2014
JFE Engineering acquires boiler maker Standardkessel Power Systems Holding GmbH
JFE Engineering globalizes and strengthens biomass and waste electricity generation systems business

Standardkessel-Baumgarte: from a classic boiler maker to biomass and waste-to-energy power plants

JFE Engineering acquires all outstanding shares of Standardkessel Power Systems Holding GmbH, for approximately YEN 10 billion (US$ 87 million), from current shareholders.

Standardkessel (founded 1925) and Baumgarte (founded 1935) started as classic boilermakers, and today supply turnkey power plants and power plant components for fossil energy sources, e.g coal, gas and oil, and also for alternative energy carriers, e.g. biomass, municipal waste, and industrial waste.

Standardkessel Power Systems Holding GmbH is a holding company owning 100% of the shares in the Standardkessel Baumgarte Group, which consists of:
- Standardkessel GmbH (founded 1925)
- Baumgarte GmbH (founded 1935)
- Standardkessel Baumgarte Service Holding GmbH (founded 2008)
Standardkessel-Baumgarte were founded as classic boiler makers, and developed into makers of biomass and waste-to-energy power plant suppliers and service group.

By acquiring Standardkessel-Baumgarte, JFE Engineering can strengthen overseas business, accelerate globalization and move into the biomass and waste-to-energy electricity and power generation sector.

Copyright·©2014 ·Eurotechnology Japan KK·All Rights Reserved·
November 8, 2014
Yaskawa acquires The Switch Engineering Oy, manufacturer of generators for wind power
The Switch Engineering Oy was valued US$ 265 million in 2011

Trend: Japanese companies acquire European renewable energy technology companies

On July 2, 2014 Yaskawa Electric Corporation acquired all shares of The Switch Engineering Oy, which are not owned by the Switch. The acquisition price was not announced, however, AMSC in 2011 had agreed and later cancelled to acquire The Switch for US$ 265 million. Therefore we can expect the acquisition price to be at least of this order if not much higher.

Vacon plc held approx. 14% of The Switch directly and another approx. 5% through the investment fund Power Fund I. On July 1, 2014, Vacon plc sold all these shares to Yaskawa Electric Corporation.

Finnish Industry Investment sold a holding of The Switch to Yaskawa.

The Switch Engineering Oy “Bringing you power”

The Switch Engineering Oy makes permanent magnet generators (PMG) and full-power converters (FPC) for wind turbines (1 MW – 8 MW and higher), marine applications and other industrial applications.

The Switch was founded in 1996, and in 2013 reported sales of € 46.2 million (US$ 53 million), and employed 175 people. The Switch headquarters are in Vantaa, Finland.

The Switch Engineering Oy was valued US$ 265 million in 2011

On March 14, 2011, American Superconductor Corporation AMSC signed a definitive agreement to acquire The Switch for US$ 265 million. However, on October 31, 2011, AMSC announced the cancellation of this agreed acquisition and paid € 14.2 million as break-up fee, a sum which had already been paid as an advanced payment of the acquisition price.

Yaskawa Electric Corporation (株式会社　安川電機)

Yaskawa Electric Corporation was founded on July 16, 1915, and headquarters are in Kitakyushu in the West of Japan.

Sales by business segment (FY2014: Fiscal year ended March 2015)
- Motion control: YEN 188.1 billion (US$ 1.571) 47%
- Robotics: YEN 136.0 billion (US$ 1.136 billion) 34%
- System Engineering: YEN 41.0 billion (US$ 0.342 billion) 10%
- Other: YEN 35.1 billion (US$ 0.293 billion) 9%
- Total: YEN 400.153 billion (US$ 3.3 billion) 100%
Copyright·©2014-2015 ·Eurotechnology Japan KK·All Rights Reserved·
July 2, 2014
Hitachi Zosen acquires Energy-from-Waste (EfW) engineering firm AE&E Inova AG in Zürich, to become Hitachi Zosen Inova AG (HZI AG)

by Gerhard Fasol

Waste is our energy! Energy-from-Waste (EfW)

Hitachi Zosen acquires former Von Roll Inova to form Hitachi Zosen Inova AG

AE&E Inova Holding AG filed for bankruptcy on December 3, 2010, and Hitachi Zosen Corporation (日立造船株式会社) acquired 100% of the shares of AE&E Inova Holding AG in Zurich with approval of the bankruptcy court, and the acquisition became final on December 20, 2010.

Subsequently AE&E Inova Holding AG was renamed Hitachi Zosen Inova AG or abbreviated, HZI AG.

Hitachi Zosen Inova AG history

Inova was originally a department of the company “Gesellschaft der Ludwig von Roll’schen Eisenwerke” founded in 1823, the purpose was thermal waste treatment. Inova was founded in 1933 as “L. von Roll Bamag AG”.

In 1960, Von Roll expanded to Germany and Japan, and in 1966 to France and Sweden, and 1975 to USA. Von Roll Environmental Technology Ltd was known as “Von Roll Inova Group”.

In 2003, Von Roll Inova Group was acquired by the AE&E Group (Austrian Energy & Environment Group), a subsidiary representing about 40% of A-Tec Industries AG (http://www.atec-industries.com/). Both AE&E Group and A-Tec Industries AG went into bankruptcy proceedings. An overview of the complex bankruptcy and reconstruction proceedings can be found on the A-Tec Industries Wikipedia-page.

AE&E Inova Holding AG filed for bankruptcy on December 3, 2010, and was acquired by Hitachi Zosen Corporation as of December 20, 2010.

Japan electronics industries – mono zukuri.

Japan electronics industries: mono zukuri

Copyright (c) 2014 Eurotechnology Japan KK All Rights Reserved

December 20, 2010