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Japan-Update

Obayashi, Maeda power up renewables operations

Japanese builders seek stable earnings to counter construction cycle

TOKYO -- Two of Japan's leading construction groups seek to grow their renewable energy business significantly in the next few years to create a stable revenue source apart from their cycle-prone core business.

Obayashi aims for a consolidated operating profit of about 2.3 billion yen ($20.4 million) from solar farms and other renewable energy projects in the year ending March 2019 -- 10 times last fiscal year's result. Maeda projects a 150% gain to roughly 1 billion yen.

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