The renewable power unit of Tepco , Japan’s biggest utility, plans to spend over $18 billion over the next ten years to boost its renewable power generation by as much as 70 per cent. Tepco Renewable Power plans to help fund its new ventures through a green bond offering that may exceed $100 million, and is likely to come before March 2021, according to Seiichi Fubasami, President of the unit.
Offshore wind and hydro are the unit’s primary focus as it seeks to develop 7GW of green power capacity in Japan and overseas in partnership with other companies.
Fubasami said: “To cope with climate change, we are moving towards a carbon-free society. Our target is to make renewable energy a main source of power.”
The clean energy plans are among the most ambitious from Japanese utilities that are currently lagging their global peers in shifting away from fossil fuels. Japan does not yet have a commercial offshore wind farm. In March, Tepco established a joint venture with Danish wind developer Orsted to build a project off the coast of the Chiba prefecture, near Tokyo.