Japanese company Nichimen Corporation to sell its Canadian operations

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With its overseas wind power division losing money, the Japanese trading company, Nichimen Corporation (once teamed with NEG Micon to form the now defunct UK developer M&N Wind Power), is to sell its Canadian wind power operations to several financial institutions. Its wind power businesses in the UK and Germany suffered a similar fate in August 2003. Indeed, its overseas wind division posted a pre-tax loss of ´340 million on revenues of ´293 million in March 2003. The company will continue to operate its wind power projects in Hokkaido and Kanagawa in Japan.

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