Press Release
Investment in Rooftop Photovoltaic Power Generation Project in the Asia-Pacific Region
~Corporate PPA project with a total capacity of 100 MW～
September 22, 2023
LOGOS Property
Tokyo Electric Power Company Holdings
LOGOS Property (hereinafter referred to as, "LOGOS"), part of ESR Group, and Tokyo Electric Power Company Holdings, Incorporated (hereinafter referred to as, "TEPCO HD") are pleased to announce they have established a rooftop solar PV corporate PPA* project ("rooftop solar PPA project") in the Asia-Pacific region ("APAC").
The two companies are jointly investing in the newly-established LOGOS-TEPCO Renewables Joint Venture Pte. Ltd. (hereinafter referred to as, "LTJV") established in August 2023, and through LTJV will install rooftop solar power generation facilities with a total capacity of 100 MW (100,000 kW), mainly in logistics warehouses, data centers, and other properties owned by LOGOS and its capital partners. In the future, LTJV will also invest in projects for customers of TEPCO HD.
LOGOS will utilize its knowledge as a real estate business operator and the properties it manages in various countries across APAC, while TEPCO HD will leverage its technological expertise and knowledge accumulated through its electricity business to improve renewable energy utilization rates in APAC.
At the next stage, both companies will aim to explore other renewable energy solutions such as energy storage, wind power, green hydrogen and others to offer CO2 net-zero properties to their customers, and contribute to achieving a carbon neutral world.
* PPA:Power Purchase Agreement
<LOGOS-TEPCO Renewables Joint Venture Pte. Ltd Summary>
LOGOS-TEPCO Renewables is a joint venture owned by LOGOS Renewable, Inc, a 100% subsidiary of LOGOS, and TEPCO HD through its holding company, TEPCO Global Energy Pte., Ltd. (established in August 2023).
Based in Singapore, LOGOS-TEPCO Renewables Joint Venture Pte., Ltd. will provide PV power facilities/equipment to consumers in the Asia-Pacific region and also engage in the power supply business through the execution of corporate power purchase agreements (PPA).
●LOGOS, Co-CEO, Mr. Trent Iliffe
“Sustainability is a foundation of our business and today’s announcement is an exciting step forward on our journey to establishing a large, regional renewable business. It also builds on LOGOS and ESR Group’s ESG commitments which includes a 2030 Net Zero Carbon and decarbonization target..
“Our partnership with strong, likeminded businesses such as TEPCO is a critical part of this journey and we are excited to be working with them to deliver a cost-effective and scalable solar solution for our customers.”
●Tokyo Electric Power Company Holdings, Inc, Executive Vice President,. Chikara Kojima
We believe that LOGOS, one of the largest real estate asset management company in APAC with a strong commitment to carbon neutral management, is an important partner for our business development in APAC, and we have decided to form a strategic partnership with them.
In implementing this project, we will collaborate and coordinate with our Singapore office, which is our business base in Southeast Asia, and our Hanoi office in Vietnam, which was newly established in July 2023. We will contribute with engineering, procurement, construction, and operation of solar power generation projects overseas and aim to build a high-quality supply chain with low cost.
Following the rooftop solar PPA project in Thailand*, we will work for realization of a clean, sustainable, and carbon-neutral society by providing not only electricity but also customer-oriented equipment services in this project.
* Participation in Corporate Solar PPA Project in Thailand and the first 3.8 MW project (April 22, 2022 press release)
https://www.tepco.co.jp/en/hd/newsroom/press/archives/2022/20220422_01.html
<Company Overview>
●LOGOS Property
LOGOS, part of the ESR Group, is a dynamic and growing logistics specialist with operations across 10 countries in Asia Pacific. LOGOS’ shareholders comprise ESR Group, APAC’s largest real asset manager powered by the New Economy and the third largest listed real estate investment manager globally, and its Founders and Co-CEOs, John Marsh and Trent Iliffe.
LOGOS manages every aspect of logistics real estate, including investment management, sourcing land or facilities and undertaking development and asset management, on behalf of some of the world’s leading global real estate investors.
● Tokyo Electric Power Company Holdings, Inc.
TEPCO HD is Japan’s largest electric company and has enabled people to live comfortably for decades by supplying energy. As part of its carbon-neutral strategy, TEPCO HD aims to reduce CO2 emissions originating from the supply of energy to essentially zero by the year 2050. The entire TEPCO Group is engaged in initiatives to increase energy demand by further promoting electrification while simultaneously developing zero-emission power sources, and is working with society to pave the way to carbon neutrality.
