Cosmo Oil and Showa Shell to build solar power plants at former oil storage facilities

Japan’s Cosmo Oil Co. and Showa Shell Sekiyu K.K. said they will jointly build solar power plants at eight locations across Japan to make use of sites previously used for oil storage by Cosmo Oil.
Searching for a new source of revenue amid falling demand for gasoline, the oil companies are planning to start building facilities in the spring and aim to eventually generate a total of 26 megawatts of electricity.
They will set up an operating company later this month to run the plants. Cosmo Oil and Shell Sekiyu will each take a 35% stake in the new business, with the remainder held by the government-affiliated Development Bank of Japan.