Toyota to invest ¥10 bil in fund for renewable energy-based power plants
Toyota Motor Corp will participate in Sparx Group Co Ltd’s fund targeted at renewable energy-based power plants as an investor.
Toyota plants to invest ¥10 billion (approx US$88.7 million) in the fund, “Mirai Saiene Fund,” which will start to be managed in November 2018. This was announced Sept 19, 2018.
The basic principle of the fund is the “promotion of the use of renewable energy across Japan.” And it will invest in solar, wind, biomass, geothermal and hydroelectric power plants. The period of fund management is 25 years after the structuring of the fund. After its management starts in November 2018, it will call for additional investments with a scale of up to about ¥30 billion until March 29, 2019.
Through the investment in the fund, Toyota aims to achieve “Toyota Environmental Challenge 2050,” which is the company’s efforts to reduce environmental load, with a view to supplying power to its manufacturing plants, electric vehicles, vendors, etc in the future.
In the aim of contributing to realizing a sustainable society, the Toyota Environmental Challenge 2050, which the company announced in October 2015, has six goals including (1) “zero CO2 with new cars” (reducing the amount of CO2 emissions at the time of traveling by 90% on average, compared with 2010, for new cars in the global market, (2) “zero life cycle CO2” (reducing CO2 in the entire life cycle including the manufacturing of materials, production of parts and vehicles, running and disposal) and (3) “zero factory CO2” (zero CO2 emissions at global factories).
As a renewable energy-related effort for the Toyota Environmental Challenge 2050, Toyota introduced a 2MW solar power generation system at Tsutsumi Factory, where the “Prius” hybrid vehicle is produced, in 2008. In 2016, the company installed solar panels at its main factory and factories in the US and South Africa and introduced a stationary pure hydrogen fuel cell at the main factory.
The company plans to actively introduce renewable energy in consideration of the balance among environmental, regional and economic benefits.