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Tepco denies wind power sale to pay Fukushima claims

Tokyo Electric Power Co is denying rumours that it is to sell a stake in a wind power company for $262 million so it can use the cash for Fukushima compensation claims.

The company, know as Tepco, which owns the nuclear plant at Fukushima that was crippled by this year’s earthquake and tsunami, is reported as having decided to sell its 20 per cent stake in Eurus Energy Holdings to trading company Toyota Tsusho.

Eurus is 60 per cent owned by Tepco and is Japan’s biggest wind power company.

A public-private advisory panel called the Nuclear Damage Compensation Facilitation Corp has been set up to draw up a plan for Tepco to pay the compensation claims that arise from Fukushima.

It had recommended that the company slash its directors’ pay, sell assets and get help from banks to establish a compensation war chest.