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Japanese company Nichimen Corporation to sell its Canadian operations

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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