On October 28, Air Water signed a basic agreement with The Chugoku Electric Power to acquire the shares of JVs of Air Water & Energia Power Yamaguchi (AWEP Yamaguchi) and Air Water & Energia Power Onahama (AWEP Onahama).

Air Water transfers the possessing shares (51% of total issued shares) of AWEP Yamaguchi to Chugoku Electric Power and acquires the shares (49% of total issued shares) of AWEP Onahama from Chugoku Electric Power.

With this transaction, AWEP Yamaguchi becomes an affiliate fully owned by Chugoku Electric Power, while AWEP Onahama becomes an affiliate fully owned by Air Water.

The two companies have been operating their business through the two joint ventures of Hofu Biomass and Coal Co-firing Power Plant of 112,000 kw (located in Hofu city of Yamaguchi Prefecture) since July 2019 and Onahama Biomass Power Plant of 75,000 kw (located in Iwaki City, Fukushima Prefecture) since April 2021.

An official agreement for the acquisition and transfer will be signed probably towards the end of November. The management system will be discussed between the two companies from now on.