Eurus Energy and CFAO Establish AEOLUS SAS in France, New Joint Venture to Develop Renewable Energy in Africa

Eurus Energy Holdings Corporation (“Eurus Energy”) announced today that Eurus Energy and CFAO SAS (“CFAO”), wholly owned subsidiaries of Toyota Tsusho Corporation (“Toyota Tsusho”), established in March 2024 in France AEOLUS SAS (“AEOLUS”), a joint venture to promote renewable energy business in Africa.
The new joint venture is owned 50% respectively by Eurus Energy and CFAO.　　

1. Background and Objectives

Eurus Energy and Toyota Tsusho own and operate a wind farm with an installed capacity of 263 MW in Egypt and plan to further expand wind power generation in Africa, including starting construction of a second wind farm in March 2023.
To accelerate its advancement in “Renewable Energy and Energy Management” and "Africa” of the seven priority domains of its Growth Strategy, Toyota Tsusho is actively promoting infrastructure projects to expand renewable energy in Africa, including solar, wind and geothermal power generation.
CFAO has a long business history, knowledge and network in Africa in four domains: mobility, healthcare, consumer and infrastructure.

Eurus Energy, Toyota Tsusho and CFAO have been collaborating in developing renewable energy in Africa. In order to promote the business more flexibly and efficiently, Toyota Tsusho has established AEOLUS to integrate the expertise of CFAO and Eurus Energy and to consolidate renewable energy business in Africa. 

2. Future Developments

The renewable energy projects in Africa currently being promoted by the three entities will be consolidated in stages into AEOLUS, which will take over the projects. Thereafter, AEOLUS will engage in renewable energy IPP (independent power producer) business in Africa, and develop and expand renewable energy power sources, such as solar and wind power generation which suite the unique conditions of each African country.
In the future, AEOLUS will accelerate its contribution to sustainable economic growth in Africa by leveraging on its renewable energy projects and providing solutions and developing new businesses, catering to the circumstances and needs of each country.

Eurus Energy will contribute to the spread of clean and low-cost renewable energy in Africa with the establishment of AEOLUS and will continue to work on further expansion of wind and solar power generation and contribute to global environmental conservation and the creation of a sustainable society.

3. Comments from Representatives of the Companies

Tetsuya Suwabe, President and CEO of Eurus Energy
“Eurus Energy has been developing its wind and solar power generation business mainly in Japan, Asia, the Americas and Europe under its corporate philosophy of 'helping to preserve the global environment by disseminating and expanding clean energy technologies'. We are committed to delivering affordable, clean energy to the people of Africa and contributing to the creation of a sustainable society, in order to provide a better global environment for the future children of Africa.”

Ichiro Kashitani, President & CEO of Toyota Tsusho
“Toyota Tsusho Group members CFAO and Eurus Energy both have, when including their predecessors, a long history and wealth of knowledge in doing business in Africa dating back to 1852 and in the renewable energy business going back to the 1980s. We look forward to the establishment of Aeolus more organically linking our strengths, thus creating synergies that are unique to the Toyota Tsusho Group. For a bright future for the children of Africa, we will continue to move forward with local communities and partner companies to achieve through our business green economic development, solutions to social issues in Africa, and carbon neutrality.”

Richard Bielle, Chairman and CEO of CFAO Group
“CFAO has more than 170 years of experience and knowledge, solid business networks across the continent, and one of the largest footprint with direct investments in Africa. We will harness CFAO's strengths to the fullest, and together with Eurus Energy, accelerate renewable energy business in Africa to contribute to sustainable economic growth in Africa.”

Hideharu Toba, President of AEOLUS
“I am delighted to announce the establishment of a joint venture between CFAO and Eurus Energy. By bringing together the knowledge and experience of our two companies from different backgrounds, we will work together to contribute to sustainable growth in Africa through renewable energy projects.”

Aeolus Establishment Ceremony
(from left to right) Tetsunori Murakami (CFO of AEOLUS), Tetsuya Suwabe (CEO of Eurus Energy), Hideharu Toba (CEO of AEOLUS), Tatsuya Hirata (Deputy CEO of CFAO), Richard Bielle (CEO of CFAO)

【AEOLUS SAS Brief.】