Japanese outfit Tokyo Electric Power Company (Tepco) has outlined plans to develop up to 7GW of offshore wind and hydroelectric projects by 2035, according to media reports.
The company told the Reuters news agency that its renewables unit will spend between ¥1 and ¥2 trillion (€8-€16bn) on the new projects.
“We aim to boost our profit to ¥100bn in 2030 from ¥40bn now through the investments,” said Tepco Renewable Power president Seiichi Fubasami in the report.
Fubasami said the company is targeting offshore wind projects off North America and looking to build both offshore wind and hydroelectric projects in Southeast Asia, according to the Reuters report.
Tepco will jointly bid with Orsted to secure the right to develop a 370MW offshore wind farm off Japan’s Chiba prefecture in an upcoming auction.
“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 in the Reuters story.
Tepco first announced a goal to develop between 6-9GW of new offshore wind and hydroelectric power in 2018.
Fubasami said in the Reuters story that the company would stick to that target despite the Covid-19 pandemic and said Tepco plans to take a 50% stake in the future projects.
Tepco Renewable Power’s existing portfolio comprises 9.9GW of generation capacity, largely made up of hydroelectric projects in Japan.