Japan's TEPCO to develop 1.9 GW of offshore wind power in Scotland

March 27, 20235:55 AM UTCUpdated ago

Logo of the Tokyo Electric Power Co Holdings (TEPCO) is seen on helmets at TEPCO's South Yokohama Thermal Power Station in Yokohama, Japan July 18, 2017. REUTERS/Issei Kato

Companies

TOKYO, March 27 (Reuters) - Tokyo Electric Power Company Holdings (TEPCO) (9501.T) said on Monday that it had won the rights to develop up to 1.9 gigawatts (GW) of floating offshore wind capacity across two projects in Scotland together with Norway-based company Vargronn.

Many once-conventional energy and power companies around the globe are switching their attention to renewable energy, such as solar, wind and biofuels, to cut pollution in line with their own and government goals in the next couple of decades.

The two Scotland projects, Green Volt and Cenos, will be developed by TEPCO's UK unit, Flotation Energy, and Vargronn, TEPCO said in a statement. Vargronn counts Italian energy company Eni (ENI.MI) among its shareholders.

Commercial operation of Green Volt and Cenos should be launched in 2028 and 2030, respectively, TEPCO added.

The Japanese company recently invested an undisclosed sum into Flotation Energy, a British floating offshore wind power company, its first equity investment in overseas wind power.

TEPCO's overseas investments are in line with its plan to develop 6-7 GW of new offshore wind and hydroelectric power assets by 2030.

The power and grid-connection supplied through Green Volt and Cenos windfarms will feed nearby oil and gas platforms, replacing gas-turbines-generated power, Green Volt said separately on Monday.

($1 = 130.6200 yen)

Reporting by Katya Golubkova in Tokyo; Additional reporting by Yuka Obayashi; Editing by Himani Sarkar