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 Offshore Wind Activity Renewables Asia

Related Stories

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

ABL Secures Rig Moving Assignment with India's ONGC

MDL Secures Cable Laying Job in Asia Pacific

Brownfield Output Decline Accelerates, says IEA

DOF Secures Moorings Hook-Up Job in Asia Pacific

Marco Polo Picks Salt Ship Design for Next-Gen Offshore Energy CSOV

Seatrium Makes First Turnkey FPSO Delivery to Petrobras

Woodside Finds South Korean Partners to Advance LNG Value Chain

Current News

Sponsored: UAE Breaks Ground on GW-Scale Renewable Energy Hybrid

Pertamina Joins Petronas in Ultra-Deepwater Asset off Indonesia

Malaysia’s Petronas and Oman’s OQEP Strengthen Oil and Gas Ties

Southeast Asia’s 2GW Cross-Border Offshore Wind Scheme Targets 2034 Buildout

Pharos Energy Kicks Off Drilling Campaign Offshore Vietnam

Viridien to Shed More Light on Malaysia’s Offshore Oil and Gas Potential

US Pressure on India Could Propel Russia's Shadow Oil Exports

Energy Drilling’s EDrill-2 Rig Starts Ops for PTTEP in Gulf of Thailand

RINA Wins FEED Contract for Petronas’ Flagship CCS Project in Malaysia

ABL Secures Rig Moving Assignment with India's ONGC

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