Mitsubishi Heavy Industries, Ltd. (MHI) has reached a basic agreement with Electric Power Development Co., Ltd. (J-POWER) to commence discussions on the transfer of MHI’s domestic onshore wind power business (the “Subject Business”) to J-POWER. Upon reaching mutual agreement on the necessary conditions for the transfer, both parties will execute a definitive agreement, aiming to complete the transfer by April 1, 2026.

Since initiating the manufacturing of large-scale wind turbines domestically in the 1980s, MHI has accumulated more than 40 years of extensive knowledge and expertise in wind turbine technology. To date, MHI has delivered over 4,200 turbines to 11 countries worldwide, primarily in North America and Japan, and has continuously provided after-sales services. Through this business transfer, MHI aims to fully leverage its specialized expertise across a broader range of fields.

J-POWER is committed to balancing stable domestic power supply with addressing climate change by actively developing its wind power business. The J-POWER Group contributes to stable electricity supply and is also pursuing carbon neutrality, as outlined in the J-POWER “BLUE MISSION 2050” announced in February 2021.(Note) Wind power has been a core focus for J-POWER since it was among the first in Japan to operate a large-scale commercial wind farm in 2000, and it currently holds the second-largest domestic market share in wind power generation facilities.

The transfer of the Subject Business will strengthen and further expand J-POWER’s foundation as a wind power developer by integrating MHI’s accumulated wind power expertise. This collaboration is expected to accelerate the future expansion of J-POWER’s wind power business and related services, leading to further growth. MHI is convinced that this will not only provide customers with greater value but also offer new opportunities for growth and development to employees engaged in this business.

MHI Group will continue to optimize its business organization in line with the policy of strengthening portfolio management set out in the 2024 Medium-Term Business Plan.