TEPCO Renewable Power, the renewable unit of the Japanese power utility Tokyo Electric Power Company (TEPCO), intends to invest JPY1,000-2,000bn (US$9.3-18.6bn) to develop 6 to 7 GW of offshore wind and hydropower capacity by 2035. The company would focus its offshore wind investments on Southeast Asia and North America and its hydropower investments on Southeast Asia. TEPCO Renewable Power operates 9.9 GW of renewable projects, and the new investments would increase its renewable capacity in the group’s total capacity from 20% to 25%.
In July 2018, TEPCO had announced plans to develop between 6 GW and 7 GW new renewable energy capacity both in Japan and overseas. The group would focus on offshore wind power (2 GW of which to be built in Japan, including floating wind projects, and 2 GW overseas) and on hydropower operations in Japan and South East Asia. In March 2020,TEPCO and Danish power company Ørsted 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.
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