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Japanese utility Tokyo Electric Power Company Holdings Inc (TYO:9501), better known as TEPCO, intends to deploy between 6 GW and 7 GW of renewable energy capacity by fiscal 2030, almost half of it offshore, the Nikkei reports.
For this purpose, the utility will spend around JPY 1 trillion (USD 7.06bn/EUR 6.47bn), president Masashi Nagasawa of subsidiary TEPCO Renewable Power, has told the financial newspaper.
As part of its efforts to decarbonise and more than double its earnings from renewables to JPY 100 billion by fiscal 2030, the Japanese firm will install between 2 GW and 3 GW of offshore wind parks. Targeting both the domestic market and overseas destinations, it will allegedly seek around JPY 30 billion in profit from its activities in the offshore wind sector.
According to the report, TEPCO will take part in Japan’s ongoing offshore wind tender, which is due to be completed this month, and is currently conducting preparatory environmental impact assessments at two sites. Separately, it could participate in offshore projects of its British subsidiary TEPCO Renewable across Europe and Australia, if the company’s bids are successful.
TEPCO has already unveiled a plan to pour more than JPY 9 trillion in decarbonisation initiatives including renewables, nuclear power and grid systems by 2030. The utility’s goal is to slash by 50% its carbon dioxide (CO2) emissions by 2030 from a 2013 baseline and become net zero by 2050.
(JPY 100 = USD 0.706/EUR 0.646)
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