Ilja Kamphuis

Partial transfer of the shares of two wind farms in the Netherlands

2021.11.19

As of November 16, 2021, Eurus Energy Group has completed a partial transfer of its shares in two wind farms operating in the province of Groningen, the Netherlands, Windpark Mauve and Windpark Mondriaan, to Groningen Seaports NV.

Groningen Seaports is a public enterprise that manages and operates the Ports of Delfzijl and Eemshaven, as well as adjacent industrial estates. We will continue to manage the operation of the two wind farms, both of which are located near the Port of Delfzijl. Furthermore, Eurus and Groningen Seaports have entered into a long-term collaboration to develop renewable energy projects in the region, including new businesses such as the production of green hydrogen.

Groningen Seaports CEO Cas König is proud of the collaboration: “Eurus is a major player in sustainable energy worldwide. It opens doors to new markets and collaborations. We are pleased that such a large company endorses the importance of the northern seaports and sees opportunities in our area.”

Koji Tsuchimoto, Managing Director Eurus Energy Europe, sees this as an important step: “With Groningen Seaports as our partner, we will redouble our commitment to the responsible operation of Mauve and Mondriaan wind farms, as well as further expansion of sustainable energy business in Groningen.”

Aiming to realize our corporate philosophy of “Helping to Preserve the Global Environment by Disseminating and Expanding Clean Energy Technologies” and to contribute to the creation of a sustainable economy and society, Eurus is accelerating our efforts to create new business opportunities besides the power generation business.

“Wind farms Mondriaan and Mauve at industrial area Oosterhorn at Delfzijl (photo Groningen Seaports)”

Outline of the Project

Amsterdam, the Netherlands – 9 September 2021
Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, announced that three wind farms in the province of Groningen, the Netherlands, have been successfully constructed and started commercial operation. The three wind farms consist of 36 wind turbines with a combined capacity of 155 MW.
Two of the three wind farms, Windpark Mauve and Windpark Mondriaan, are located near the Port of Delfzijl. The third wind farm, Windpark Vermeer, is located approximately 20 km to the south of the two others. The construction of the wind farms was managed by YARD ENERGY, from which Eurus acquired the projects in 2019. The power generated at the three wind farms, which will be sufficient for supplying renewable electricity for approximately 200,000 households, is sold to Eneco Group.
The National Climate Agreement, concluded in 2019 by the Dutch government and various stakeholders, targets a 49% reduction in greenhouse gas emissions by 2030 compared to 1990 levels. Koji Tsuchimoto, Managing Director of Eurus Energy Europe B.V., states: “The Netherlands’ ambitious climate policy provides great opportunities for the long-term growth of its renewable energy market. We are committed to further expanding our business in the Netherlands and contributing to achieving its climate goals.” Eurus entered the Dutch market in 2016, and currently owns and operates 20 wind farms with the total capacity of 303 MW in the country.

We are pleased to announce the start of commercial operation of our first photovoltaic power plant project in Taiwan.

Including this latest addition, Eurus is now operating or constructing power plants in 15 countries around the world.

The Photovoltaic Power Plant is located in Pingtung County, the southernmost county of Taiwan, the installation of solar panels manufactured by URE Co., Ltd provide an output of 1,985kW, and commercial operations began in December 2020.

This project was developed by W Energy Investment Corporation, a Taiwanese renewable energy developer. Eurus will invest in a 40% share of Helios Green Energy, the project holding company.

The Taiwanese government has set a target for increasing the share of renewable energy up to 20% by 2025, and is continuing to make proactive efforts, such as by adopting a feed-in tariff, to expand the introduction of renewable energy.

In 2018, Eurus established a local subsidiary in Taiwan, Eurus Energy Taiwan Co, Ltd. (“Eurus Energy Taiwan”). Having established an operating presence in the market, Eurus now looks to further develop its renewable energy business in Taiwan.

Amsterdam, the Netherlands – 1 July 2020
Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, announced today the start of commercial operation of Windpark Deil, a 21 MW wind farm located in the municipality of West Betuwe in Gelderland, the Netherlands.
Windpark Deil consists of five Vestas V136-4.2 MW wind turbines, each with a hub height of 140 meters, a rotor diameter of 136 meters and a rated power of 4.2 MW. The construction of the wind farm has been managed by YARD ENERGY, from which Eurus acquired the project in 2018. The power generated at Windpark Deil, which will be sufficient for supplying renewable electricity for more than 26,000 households, will be sold to Eneco Group.

Toyota Tsusho and Eurus Energy Hold Ceremony to Mark Completion of Egypt’s First Wind Power IPP Project

– Contributing to the spread of renewable energy in the country with green and low-priced electricity –

Toyota Tsusho Corporation (“Toyota Tsusho”) and its group company Eurus Energy Holdings Corporation (“Eurus Energy”) today announced a ceremony on December 5 in Cairo, Egypt to mark the completion of a newly constructed 262.5 MW wind power plant in the Arab Republic of Egypt which began operation on October 31.

This is Egypt’s first-ever wind power independent power producer (“IPP”) project. Toyota Tsusho and Eurus Energy partnered with French electric utility company Engie S.A. and Egyptian construction company Orascom Construction S.A.E. to establish Ras Ghareb Wind Energy S.A.E. which will own and operate the power plant for the next 20 years and sell electricity to the Egyptian Electricity Transmission Company.

With the completion of this power plant, Toyota Tsusho and Eurus Energy will contribute to the spread of green and low-priced renewable energy in Egypt and aim to expand the wind power generation business in the future. Going forward, the companies will also plan to further develop the renewable energy business in Africa.

• Project overview

Amsterdam and Amersfoort, the Netherlands – 1 October 2019
Eurus Energy Group (“Eurus”), a leading Japanese renewable energy company, and YARD ENERGY Group (“YARD”), a Dutch-based developer of wind energy projects, jointly announced today that they have achieved financial close for the construction of Windpark Mauve, Windpark Mondriaan and Windpark Vermeer, with a combined capacity of 155 MW, in the province of Groningen in the Netherlands. Eurus acquired the projects from YARD prior to financial close. YARD will remain as a minority shareholder in the projects.
Windpark Mauve and Windpark Mondriaan will be built near the Port of Delfzijl and will consist respectively of seven and nine wind turbines. Both projects will be financed by Rabobank and Sumitomo Mitsui Banking Corporation. Windpark Vermeer, consisting of 20 wind turbines, will be located approximately 20 km to the south of the two other wind farms, and will also be financed by the two banks, together with ABN AMRO Bank and BNG Bank. Eneco will offtake the renewable electricity from all three wind farms, in an amount equivalent to the annual consumption of approximately 200,000 households.
The three wind farms will bring the total wind capacity of Eurus in the Netherlands to 303 MW by 2021, when all three wind farms are expected to start operation. Hidenori Mitsuoka, Managing Director of Eurus Energy Europe, stated: “Thanks to the successful partnership with YARD ENERGY, our portfolio in the Netherlands will soon become our second largest in Europe after Spain. We hope to grow our Dutch business further and thus contribute to achieving the EU target of 40% greenhouse gas reduction by 2030.” YARD has been working on the development of the three wind farms since 2014, and will also manage their construction. Kevin Dijkers, CEO of YARD, commented: “Reaching financial close of these three wind farms again proves that entering into a strategic partnership with Eurus Energy was the right decision. Working together with our reliable partner, we were able to accelerate our development process and reach financial close earlier than anticipated. The three projects significantly contribute to the Dutch targets for renewable energy, and we are very proud of this result”.
Stibbe, Clifford Chance, and Cees Advocaten provided legal advisory services, PwC and mth accountants & adviseurs provided tax advisory services, and IX Wind provided technical services for the transaction. Allen & Overy, DNV GL, Loyens & Loeff, and Marsh provided the lenders with legal, technical, tax, and insurance advice respectively, and Rebel audited the financial model.