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Press Release

Joint Venture Agreement Signed for Aomori Northwest (Aomori Seihoku-Oki) Offshore Wind Farm Business

March 15, 2021
Cosmo Energy Holdings Co., Ltd.

Cosmo Eco Power Co., Ltd. (President, Representative Director: Masayoshi Noji; hereinafter “Cosmo Eco Power”), a wholly-owned subsidiary of Cosmo Energy Holdings Co., Ltd. (Representative Director, Group CEO: Hiroshi Kiriyama), and Hitachi Zosen Corporation (Representative Director, President and Chief Operating Officer: Sadao Mino; hereinafter “Hitachi Zosen”) have signed a joint venture agreement with Acacia Renewables K.K. (hereinafter “Acacia”), a wholly-owned subsidiary of Iberdrola S.A. (Chairman and CEO: Ignacio Galán; hereinafter “Iberdrola”), which is one of the largest wind power producer in the world and the major electric power company in Spain, for Aomori-Seihoku-Oki Offshore Wind Godo Kaisha (hereinafter “Aomori-Seihoku-Oki G.K.”). As a result, Cosmo Eco Power has become the largest contributor to Aomorii-Seihoku-Oki G.K. The transaction completion is subject to customary third-party approvals in this type of transactions.

Cosmo Eco Power has engaged in a number of wind power generation projects in Japan and is equipped with advanced technologies for the operation and maintenance (O&M) of wind power plants. Cosmo Eco Power expects to increase feasibility in offshore wind power business through an alliance with Iberdrola, a company with expertise developed in its many wind power generation projects worldwide.

Aomori-Seihoku-Oki G.K. will submit a bid for the planned public offering based on the Act on Promoting the Utilization of Sea Areas for the Development of Marine Renewable Energy Power Generation Facilities1 for the “promising sea area” that has been designated "Sea of Japan offshore Aomori Prefecture i (southern side of the prefecture)" where a maximum capacity is currently assumed to be at 600 MW with the goal of installing and operating off-shore wind power plants and engage in the wholesale supply of electric power.

Cosmo Energy Group has positioned the Renewable Energy Business as a new core business in its 6th Consolidated Medium-Term Management Plan, “Oil & New”, and is also planning other offshore wind power generation projects.2 Hiroshi Kiriyama, the Representative Director, Group CEO of Cosmo Energy Holdings, has commented, “This is the first project that Cosmo Eco Power will be the representative company. Iberdrola, which has advanced technology and experience in some of the worlds’ largest projects, will join us in this project. This makes the business more feasible and adds to our competitiveness. We have high expectations for the project. Cosmo believes that coexistence with local communities and economic promotion, especially in the fishery fields are essential in this project and certainly, for other offshore wind power businesses. We will continue to communicate with all the parties involved to ensure their understanding to establish this business.” Cosmo Eco Power, together with the subsidiary of Iberdlora, will steadily prepare for the establishment of this project in Sea of Japan offshore Aomori Prefecture (southern side of the prefecture). Also, through planning and developing new wind power projects, the company designs long-term business expansion, to become a leading company in the wind power business. As such, entire Cosmo Energy Group will aim to achieve the SDGs.

■ Overview of Aomori G.K.

Company name : Aomori -Seihoku-Oki Offshore Wind Godo Kaisha
Established : April 5, 2019
Location : 8-4 Shimizu, Tomiyachicho, Tsugaru-shi, Aomori, Japan
Operators : Cosmo Eco Power Co., Ltd., Acacia Renewables K.K., Hitachi Zosen Corporation
Representative : Cosmo Eco Power Co., Ltd.
Business : Installation and operation of offshore wind power plants in northwest offshore of Aomori prefecture (Aomori Northwest Offshore Wind Farm) and the wholesale supply of electric power

■ Company profiles

• Cosmo Eco Power Co., Ltd.

Since its foundation in 1997, Cosmo Eco Power has been developing and operating wind power plants for more than 20years as the first company dedicated to wind power generation in Japan. It now has wind power plants with a capacity of approximately 260,000 kW. In its offshore wind power business, Cosmo Eco Power is currently participating in and acquiring expertise from the offshore wind projects at the Akita Port and Noshiro Port in Akita Prefecture and plans to develop business in general sea areas such as the project in the area Coast of Yurihonjo City, Akita Prefecture.

• Acacia Renewables K.K

A wholly-owned subsidiary of the Iberdrola Group with a 170-year history. It is positioned as a company which dedicates to the renewable energy businesses in Japan. Iberdrola is a global energy leader, the number one producer of wind power(excluding Chinese companies), and one of the world's biggest electricity utilities in terms of market capitalization.,. The company has brought the energy transition forward two decades to combat climate change and provide a clean, reliable and smart business model. l. Iberdrola has a pipeline of offshore wind power projects worldwide exceeding 30 GW.

• Hitachi Zosen Corporation

Founded in 1881, Hitachi Zosen has become comprehensive provider of Energy-from-Waste(EfW) plants, water treatment systems, etc. in Environment and Plant business, pressure vessels, marine diesel engines, etc. in Machinery business, and bridges, floodgates, shield tunneling machines in Social Infrastructure business.

1 Act on Promoting the Utilization of Sea Areas for the Development of Marine Renewable Energy Power Generation Facilities

2 Cosmo Energy Group offshore wind power generation projects

Akita Port & Noshiro Port(Akita Prefecture), Offshore Yurihonjo-shi, Akita(Akita Prefecture), Offshore northwest of Aomori(Aomori Prefecture), Central Sea Area Near Akita(Akita Prefecture), Offshore near Yuza, Yamagata(Yamagata Prefecture), Offshore north of Niigata(Niigata Prefecture), Offshore in Ishikari Bay, Hokkaido(Hokkaido)

(The official language for Cosmo Energy Group's filings with the Tokyo Stock Exchange and Japanese authorities, and for communications with our shareholders, is Japanese. We have posted English versions of some of this information on this website. While these English versions have been prepared in good faith, Cosmo Energy Group does not accept responsibility for the accuracy of the translations, and reference should be made to the original Japanese language materials.)

(Contact details for inquiries)
Public Relations & Corporate Branding Group, Corporate Communication Dept., Cosmo Energy Holdings Co., Ltd.
TEL +81-3-3798-3101 FAX +81-3-3798-3841

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