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The Japan Bank for International Cooperation (JBIC; Governor: MAEDA Tadashi) signed on March 25 a shareholders’ agreement for a joint investment with the Chugoku Electric Power Co., Inc. (Chugoku) in Energy Fiji Limited (EFL) in Fiji.
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EFL is a vertically integrated electric utility that generates, transmits, and distributes electricity throughout Fiji, a country located in the middle of the South Pacific. The Fijian government has a majority shareholding in EFL, and EFL aims to promote renewable energy projects such as hydropower and solar power projects to achieve the targets and objectives set under the National Development Plan.
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Chugoku aims to pursue investment opportunities for overseas renewable energy projects and participate in power transmission and distribution, retail, and new power-related business. Chugoku, through its investment in EFL, expects to enhance its know-how and technology cultivated through its domestic and overseas electricity business, and plans to use such know-how and technology to further expand its business overseas. JBIC’s investment in EFL is intended to support the overseas expansion of Chugoku, thereby contributing toward maintaining and improving the international competitiveness of Japanese industry.
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In its Green Growth Strategy Through Achieving Carbon Neutrality announced in December 2020, the Japanese government aims to support Japanese companies’ overseas activities including the overseas expansion of the development of quality infrastructure for a decarbonized society. The investment is in line with this national policy, while EFL also aims to promote various projects to achieve the renewable energy introduction target set by the government of Fiji.
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As Japan’s policy-based financial institution, JBIC will continue to provide support to assist Japanese companies in the overseas expansion of their businesses by drawing on its various financial facilities for structuring projects, including its equity participation function, and by performing its risk-assuming function.
