Japanese car manufacturer Toyota Motor Corporation is to set up a renewables business called Toyota Green Energy with Chubu Electric Power.
Toyota Green Energy, which also includes Toyota Tsusho Corporation as a partner, will obtain and manage clean power sources in Japan for the Toyota Group.
The new company is planned to be set up by July and based at Nagoya City in Aichi Prefecture.
Operations will start once the required approvals have been obtained, Toyota said.
Toyota Motor Corporation will own 50% of Toyota Green Energy, with Chubu having 40% and Toyota Tsusho the remaining 10%.
Toyota plans to reduce the environmental impact from automobiles to as close to zero as possible under its Toyota Environmental Challenge 2050.
“The clean energy to be supplied through this business is expected to reduce CO2 emissions from plants and other facilities to zero in the future and to contribute to the realisation of a low-carbon society,” Toyota said.
Chubu Electric Power has been increasing the use of renewable energy, while Toyota Tsusho has engaged in the clean power business for more than 30 years.
The latter has been involved in the development and operation of power stations, with a focus on wind and solar power.