Toyota buys rest of renewable energy company for $1.5 billion

Toyota Motor Corp.’s trading arm will spend 185 billion yen ($1.5 billion) to acquire the remaining ownership in a Japanese wind and solar power company as part of a nationwide push to reach ambitious green goals.

Toyota Tsusho Corp. will buy Tokyo Electric Power Co.’s 40 percent stake in Eurus Energy Holdings that it does not already own, according to a filing on Thursday. The purchase might be completed as soon as June.

The move is timed to coincide with Japan’s ongoing green energy procurement spree. The government aims to cut carbon emissions by 46% by 2030 compared to 2013 levels and to be carbon neutral by 2050. Japan’s industries have set similar goals, and the government and investors are putting pressure on them to quit fossil fuels.

Toyota Motor Corporation owns a 34 percent stake in Toyota Tsusho, the company’s trading arm. Last November, Diamond Online reported that Japan’s largest automaker was considering buying a 40% stake in Eurus Energy.

Eurus Energy builds renewable energy projects all over the world, according to their website, with over 100 projects in 15 countries.

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