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Toyota enters wind market with Vestas
1 August 2000
A new Toyota subsidiary, Vestech Japan Corporation, is to import and sell Vestas wind turbines from Denmark as well as to install wind plant, carry out related engineering works and provide service and maintenance. Vestech, with a share capital of ´200 million, started commercial operations on July 1. It is owned by Toyota Tsusho Corp (51%), Kawasaki Heavy Industry (17%), Daioh Construction (8%), Matsuo Bridge (8%), Symor Enterprises (8%) and United Chemical Products (8%). Vestas' former agency deal with United Chemical and Symor now lapses. Vestech is aiming for a turnover of ´900 million this year and ´4 billion from next year having secured 40% of Japan's wind market. Together with Matsuo, the company has already formed a subsidiary wind development company for the Tohoku area and is awaiting approval from the government's New Energy Development Organisation (NESO) for an enterprise grant for a 10 MW project. Plans are to sell the output to Tohoku Electric Power in 2001. Vestech says it intends to found two or three Independent Power Production (IPP) companies making use of NEDO subsidises. Each will develop projects of up to 30 MW. "The aim is to take a 10-15% of the IPP market by 2003. In this connection we are consulting with Tomen on future development in view of establishing joint ventures with them," states Vestech. Japanese trading company Tomen is an established wind plant developer in Europe and the US.
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