Japan"s TEPCO unveils global offshore wind ambition under $18bn clean energy drive

Utility sees 7GW offshore wind portfolio as renewables unit grows capacity by 70%

Tokyo Electric Power (TEPCO) is planning to build up a 7GW offshore wind portfolio as part of an $18bn renewable energy drive, the company’s president told media.

TEPCO wants to develop offshore wind farms in Japan and abroad in conjunction with partners, said Seiichi Fubasami. The company has previously said it sees a 3GW opportunity at home.

TEPCO in late May joined an eight-company consortium to develop offshore wind in Japan, where the government is due to start holding annual auctions for large-scale development from this year.

The utility – best-known globally as the operator of the ill-fated Fukushima nuclear plant – has also linked with global sector pacesetter Orsted to bid in Japan.

Fubasami named offshore wind and hydrogen as the main focuses of a 2trn yen ($18bn), 10-year plan by TEPCO Renewable Power to increase its capacity by 70% from a current base that’s dominated by hydropower.

The plan could include issuance of a green bond.