Tepco Holdings’ renewable energy unit, which commenced business operation as an independent company on 1 April under the name Tepco Renewable Power, has revealed a big investment in offshore wind projects.
The push by Tokyo Electric Power Co. Holdings (Tepco) comes as institutions in Japan are under increasing pressure to curb support for coal, both at home and abroad, and as Prime Minister Shinzo Abe’s government seeks to bolster the role of clean power.
Tepco Renewable Power plans to help fund its new ventures through a green bond offering that may exceed ¥10 billion and is likely to come before March, according to President Seiichi Fubasami.
Offshore wind and hydro generation are the unit’s primary focuses as it seeks to develop 7 gigawatts of green power capacity within the country and overseas in partnership with other companies.
The clean energy spending plans are among the most ambitious from Japanese utilities, which lag global peers in shifting away from fossil fuels.
In March, Tepco established a joint venture with Danish wind developer Orsted to build a project off the coast of Chiba Prefecture.
Tepco Renewable Power aims to boost profits to ¥100 billion in 2030, from ¥40 billion in the year that ended in March, Fubasami said. Domestic offshore wind projects will contribute to about 20 percent of that future profit, with overseas offshore ventures adding 10 percent.
Tepco Renewable Power currently has 170 renewable facilities with a total capacity of 9.96 gigawatts. Of the total, 9.91 gigawatts are from 165 hydropower plants, 30 megawatts are from three solar farms, and 21 megawatts come from two wind plants.