New company to sell nuclear power plants to Vietnam will be launched on October 22

Thirteen Japanese companies will launch the International Nuclear Energy Development of Japan Co., Ltd. (JINED) on October 22 to develop proposals for Vietnam and other countries planning new nuclear power plant deployments.

Thirteen Japanese companies including the nine electric utilities as well as Toshiba, Hitachi, Mitsubishi Heavy Industries and the Innovation Network Corporation of Japan will launch the International Nuclear Energy Development of Japan Co., Ltd. (JINED) on October 22 to develop proposals for Vietnam and other countries planning new nuclear power plant deployments.

Shareholdings in the new company will be Tokyo Electric Power 20%, Kansai Electric Power 15%, Chubu Electric Power 10%, the joint public-private sector fund Innovation Network Corporation of Japan 10%, and 5% each by the remaining companies.

Ichiro Takekuro will become president (CEO) of JINED concurrently with his position as Fellow of Tokyo Electric Power. The new company will have a total of 200 million yen of equity capital including 100 million of capital reserve. It will be headquartered in Chiyoda-ku, Tokyo.

JINED will coordinate proposals from the electric utilities, manufacturers, financial institutions and the government to develop comprehensive packages to support power plant projects in countries planning new deployments. It will serve as a central point for receiving requests from the emerging countries.

The government will support the new company’s activities through measures including nuclear power agreements and enhanced export insurance. The new company will focus initially on winning an order from Vietnam for a nuclear power project.

In November 2009, Vietnam’s national assembly approved the construction plan for the country’s first nuclear power plants. Construction of a total of four units at two sites is planned. Russia has won the order for two units while Japan is competing fiercely with France and others for the remaining two units.- shimbun.denki.or.jp

Tags: Vietnam energy, Vietnam nuclear power project