Japanese power utility Tokyo Electric Power Company (TEPCO) and Danish power company Ørsted have decided to create a joint venture, Choshi Offshore Wind Farm (51% TEPCO, 49% Ørsted), to bid together in the Choshi-city offshore wind promotion area, in the Chiba Prefecture in Japan. TEPCO is considering building a new 1 GW offshore wind project off Choshi, consisting of 200 wind turbines rated 5 MW each. The company could invest approximately JPY1,000bn (US$9.2bn) in the project. TEPCO and Ørsted plan to submit a joint bid in the Round 1 auction once Japan officially designates the Choshi-city offshore wind promotion area.
The two companies signed a Memorandum of Understanding in January 2019 to cooperate on offshore wind projects. In April 2020, TEPCO plans to establish a renewable affiliate, TEPCO Renewable Power, and expects to benefit from the partnership with Ørsted in term of business growth. TEPCO expects to increase its renewable energy production and hit the 7 GW wind power capacity target in Japan so that it can make up for the future costs of decommissioning its nuclear reactors or removing remaining radioactive substances following the accident at its Fukushima Daiichi power plant.
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