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Sony and TEPCO to Launch Joint Venture in Green Power Business

This topics is the English translation of a Sony Corporation's news release issued on September 29, 2010.

September 29, 2010

Sony Corporation (Sony) and Tokyo Electric Power Company, Incorporated (TEPCO) will launch a new joint venture, Sustainable Green Power Corporation to oversee green power initiatives such as generation of electric power from wood chip biomass.

The new venture will take over operations of the Taishin Power Plant owned by Shirakawa Wood Power Company, Limited (Shirakawa Wood Power), a wholly owned subsidiary of the First Energy Service Company Limited. Taishin is an 11.5-megawatt power plant in the city of Shirakawa, Fukushima Prefecture, fueled entirely by wood chip biomass. The new venture plans to supply power from this plant to Sony's business offices through specific-scale electricity companies and will be inaugurated in early October 2010, with TEPCO and Sony holding 60% and 40% stakes, respectively.

Under the Green Power Certificate System, Sony has been reducing its emissions of greenhouse gases through the use of renewable energy. By jointly financing this new venture,Sony is launching a new initiative to supply green power directly to its own sites. With increasing demand for green power in Japan, Sony is actively expanding its use by entering the power-generation business to produce green electricity for its own use.

The transfer of operations will take place after all the requirements have been met, including approval by the Japanese Ministry of Economy, Trade and Industry (METI) for the transfer of Taishin Power Plant from Shirakawa Wood Power to the new joint venture.
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