Boustead

Boustead: Group announced a JV with Kinnarii Power Assets Pte Ltd, a Singapore-based regional-focused renewable project developer, to develop utility-scale solar photo voltaic projects in Japan. It will subscribe for 73,001 shares in Kinnon Green at $1 each with the consideration while the remaining 73,000 shares will be held by Kinnarii Power Assets. Kinnon Green owns the rights to a solar photo voltaic power generation portfolio in Kyushu, Japan. Half of the Portfolio has been given the final interconnection agreement from Kyushu Electric, the regional power off-taker and grid operator, with the other half expected by end Mar 2013. The development will require a total implementation cost of around $75m and will be financed by a mixture of equity and long -term bank loans. The Group said it is an excellent opportunity for Boustead to expand its expertise in renewal energy projects and will mark its first foray into utility-scale solar photo voltaic projects in Japan. Boustead has a historical dividend yield of 4%.