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Regarding Joint Participation in Solar Power Generation Project in the Province of Ontario, Canada Toward the Achievement of a Sustainable Low-Carbon Society

June 15. 2012


Osaka Gas Co., Ltd., (“Osaka Gas”), Mitsubishi Corporation (“MC”), and Sharp Corporation (“Sharp”) today agreed to purchase a large-scale solar power generation project (total of nine sites; total generating capacity: approx. 100,000 kW) in the Province of Ontario, Canada, being developed by Recurrent Energy, a wholly owned subsidiary of Sharp. The three companies also agreed to jointly operate this project in the future.

Osaka Gas, MC, and Sharp will invest in this project in the proportion of Osaka Gas: 44.95%, MC: 44.95%, and Sharp: 10.1%, through a company to be jointly established in Canada. Commercial operations are expected to begin at the end of this year and gradually expand through the end of 2013.

In 2009, the Government of the Province of Ontario instituted a clean energy plan and has been working proactively to shift from coal-fired power generation that has a heavy environmental impact, to power generation that makes full use of cleaner energy sources such as wind, solar, and bio-energy. Under the clean energy feed-in tariff system being introduced in the province based on this plan, this project will sell the electricity produced to the Ontario Power Authority at the rate of 0.443 Canadian dollars per kilowatt hour (approx. 35 yen/kWh) over a 20-year period.

By deepening their knowledge for the deployment of large-scale solar power projects in Japan and abroad through this project, Osaka Gas, MC, and Sharp will contribute to the achievement of a low-carbon society through the development and widespread use of environmentally friendly renewable energy.

Project sites

Aerial rendering of solar power project (one example) 
(Image courtesy of Recurrent Energy)

1. Overview of This Project
Location: Province of Ontario, Canada
Summary: Nine sites, approximately 100,000 kW
(110 million kWh annually, sufficient to power approximately 10,000 households in Ontario)
Scheduled completion date: To be progressively completed and begin commercial operation from the end of 2012 through the end of 2013
Intended power purchaser: Ontario Power Authority
(all power produced will be sold at a fixed price over a 20-year period)
Project ownership: Osaka Gas 44.95%, MC 44.95%, Sharp 10.1%
Funding: Project finance (Financed by The Bank of Tokyo-Mitsubishi UFJ, Ltd.; Mizuho Corporate Bank, Ltd.; Sumitomo Mitsui Banking Corporation; and Sumitomo Mitsui Trust Bank, Limited.
Financial advisor: Mizuho Corporate Bank, Ltd.)

2. Company Profiles
(1) Osaka Gas Co., Ltd.
Head office: 4-1-2 Hiranomachi, Chuo-ku, Osaka, Japan
Established: April 1897
Capitalization: 132.166 billion yen

1) Production, distribution, and sales of natural gas
2) Distribution and sales of LPG
3) Generation, distribution, and sales of electrical power
4) Sales of gas appliances and equipment
5) Installation and maintenance of gas appliances and equipment

Sales: 1,294.7 billion yen
(for year ended March 31, 2012; consolidated basis)
Employees: 19,818 (for year ended March 31, 2012; consolidated basis)
Financial advisor: Mizuho Corporate Bank, Ltd.)
Representative: Hiroshi Ozaki, President

(2) Mitsubishi Corporation
Head office: 2-3-1 Marunouchi, Chiyoda-ku, Tokyo, Japan
Established: April 1950
Capitalization: 203.3 billion yen

MC has six Business Groups, which develop operations in the diverse fields of Industrial Finance, Logistics & Development; Energy; Metals; Machinery; Chemicals; and Living Essentials. In addition to these Business Groups, MC has also recently established its Business Service Group and Global Environment & Infrastructure Business Development Group.

Sales: 19,233.4 billion yen
(for year ended March 31, 2012; consolidated basis)
Employees: 58,470 (for year ended March 31, 2012; consolidated basis)
Representative: Ken Kobayashi, President and CEO

(3) Sharp Corporation
Head office: 22-22 Nagaike-cho, Abeno-ku, Osaka, Japan
Established: May 1935
Capitalization: 204.67 billion yen

R&D, manufacture, and sales of consumer/information products (audio-visual and communication equipment, health and environmental equipment, information equipment) and electronic components (LCDs, solar cells, other electronic devices)

Sales: 2,455.85 billion yen (for year ended March 31, 2012; consolidated basis)
Employees: 56,800 (for year ended March 31, 2012; consolidated basis)
Representative: Takashi Okuda, President

(4) Recurrent Energy
Head office: 300 California Street, 7th Floor, San Francisco, CA 94104, United States
Established: July 2006

Solar project development (wholly owned subsidiary of Sharp)

Representative: Arno Harris, CEO

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