Japan's TEPCO to Spend $9-18B by 2035 on Offshore Wind, Hydro

Yuka Obayashi
Wednesday, June 10, 2020

TEPCO Renewable Power, a unit of Tokyo Electric Power Company Holdings, plans to spend about 1-2 trillion yen ($9-18 billion) to develop 6-7 gigawatts (GW) of offshore wind and hydroelectric power projects by 2035, its president said.

"We aim to boost our profit to 100 billion yen in 2030 from 40 billion yen now" through the investments, Seiichi Fubasami, president of TEPCO Renewable Power, told Reuters last week in an interview.

Its parent TEPCO, which has been struggling to restart nuclear power stations after the Fukushima disaster of 2011, said in 2018 that it will develop 2-3 GW of offshore wind power each at home and abroad, and 2-3 GW of hydroelectric power overseas to help renewable energy become a core power source.

"We are sticking to the goal despite the COVID-19 pandemic," Fubasami said, adding his company plans to take around a 50% stake in the projects.

TEPCO Renewable owns 9.9 GW of power generation capacity, mainly hydroelectric in Japan. The additional assets would boost its renewable energy capacity to 25% of the group's total capacity, from 20% now.

"Southeast Asia and North America are our key targets for offshore wind, while Southeast Asia is our focus for hydroelectric," he said.

Japan's offshore wind power market is expected to take off after the government brought in a law last year to encourage the development of wind farms.

TEPCO and Orsted, the world's largest offshore wind farm developer, plan to jointly bid for a 370 megawatts offshore wind project off Choshi, Chiba prefecture, near Tokyo.

"We have a good chance to win as we have accumulated massive wind data as we already operate a wind farm in the area, and Orsted has expertise in building and parts procurements for wind farms," Fubasami said.

($1 = 109.0800 yen) (Reporting by Yuka Obayashi; Editing by Kim Coghill)

Categories: Offshore Energy Industry News Activity Asia Renewables Offshore Wind

Related Stories

VARD Snags $125M Shipbuilding Deal for Subsea Construction Vessel

Woodside to Shed Some Trinidad and Tobago Assets for $206M

ORE Catapult and Japan’s FLOWRA to Jointly Advance Floating Wind

Second Hai Long Substation Heads to Project Site Offshore Taiwan

Japan and South Korea Look to Partner Up with US for Alaska Pipeline

Marine Masters Secures Wellhead Platforms Installation Job Off India

MODEC and Samsung Team Up to Install Carbon Capture Tech on FPSO

Eni, Petronas to Set Up Joint Venture for Assets in Indonesia and Malaysia

Shell Predicts 60% Rise in LNG Demand by 2040 with Asia Leading the Way

Saipem’s Castorone Vessel on Its Way to Türkiye’s Largest Gas Field

Current News

The Future of Long-Idle Drillships: Cold-Stacked or Dead-Stacked?

TMC Books Compressors Orders for FPSO and LNG Vessels

MODEC, Sumitomo Partner Up for Delivery of Gato do Mato FPSO

Chuditch Gas Field Up for Summer Drilling Ops as Sunda Reshapes Ownership Structure

EnQuest Bags Two Production Sharing Contracts off Indonesia

Hanwha Drilling’s Tidal Action Drillship En Route to Petrobras’ Roncador Field

China's ENN, Zhenhua Oil Ink LNG Supply Deals with ADNOC

MODEC Wins ExxonMobil Guyana’s Hammerhead FPSO Contract

India Stretches Bids Deadline for 13 Offshore Deep-Sea Mineral Blocks

Indonesia Awards Oil and Gas Blocks to Boost Reserves

Subscribe for AOG Digital E‑News

AOG Digital E-News is the subsea industry's largest circulation and most authoritative ENews Service, delivered to your Email three times per week

https://accounts.newwavemedia.com