(Bloomberg) -- Japanese regional utility Kansai Electric Power Co. plans to raise as much as 504.9 billion yen ($3.3 billion) from a share sale, according to a filing to Japan’s finance ministry.
The company plans to spend roughly 239.9 billion yen of the funds by March 2029 toward decarbonization efforts. Money will be used toward equipment renewal at its gas-fired Nanko Power Station and Okutataragi Pumped Storage Power Station, as well as Takahama Nuclear Power Plant.
Kansai Electric also plans to spend 165 billion yen by March 2027 toward its data center, real estate and renewable energy businesses. The remainder of the fund will be put toward merger and acquisition, it said, adding that if it’s not used by end of March 2028 it will be put toward long-term loan repayments.
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