TEPCO and Ørsted agree to establish a joint venture company for offshore wind in Choshi
In January 2019, TEPCO and Ørsted signed a memorandum of understanding to work jointly on offshore wind projects and have since then been working together to establish a framework and organizational structure for joint development of the Choshi Offshore Wind Project.
TEPCO and Ørsted, having formalized their collaboration to develop the Choshi Offshore Wind Project, will submit a joint bid in the Round 1 auction once the Japanese government officially designates the Choshi-city offshore wind promotion area, and further work together on future offshore wind opportunities in the area.
TEPCO Representative Executive Officer and President, Tomoaki Kobayakawa, says "TEPCO and Ørsted have been making excellent progress in developing our partnership and we are ready to see successful development of the Choshi Offshore Wind Project. Our two companies have agreed to establish a unique framework that enables us to effectively integrate and leverage strengths and expertise from both sides. We are confident this is key to succeed in the Choshi Offshore Wind Project."
"In April this year, TEPCO will launch its renewable energy business arm, TEPCO Renewable Power, to make renewable energy a core generating source. The partnership with Ørsted and the establishment of Choshi Offshore Wind Farm K.K. will help drive business growth for the TEPCO group and TEPCO Renewable Power."
Ørsted Chief Executive Officer, Henrik Poulsen, says "I am pleased to see our close collaboration with TEPCO for more than one year has led to the successful establishment of the joint venture company for the Choshi Offshore Wind Project. With Ørsted's strong global capabilities and TEPCO's local expertise, we are well prepared and dedicated to participating in the upcoming auction."
"This joint venture is not only a significant step in Ørsted and TEPCO's efforts to deliver on Japan's ambitions for domestic renewable power generation, but also a landmark moment for Ørsted's market entry in Japan and for our aspirations to help Japan become a leading offshore wind market in Asia Pacific."
About Choshi Offshore Wind Farm K.K.:
Tokyo Electric Power Company Holdings, Inc. (TEPCO) is Japan's largest power company group, holding three independent business entities: TEPCO Fuel & Power, Inc., TEPCO Power Grid, Inc., and TEPCO Energy Partner, Inc. As a group, it generates, distributes, and sells electricity and other types of energy principally to the Kanto metropolitan area, which includes Japan's two most populous cities, Tokyo and Yokohama. TEPCO's 41,086 employees (TEPCO Holdings and its consolidated subsidiaries, as of March 31, 2019) are committed to providing safe, reliable power as well as fulfilling the company's responsibilities to the communities of Fukushima.
・TEPCO Website: https://www7.tepco.co.jp/index-e.html
・TEPCO Facebook page: https://www.facebook.com/OfficialTEPCOen
・TEPCO Twitter page: https://twitter.com/TEPCO_English
The Ørsted vision is a world that runs entirely on green energy. Ørsted develops, constructs and operates offshore and onshore wind farms, solar farms, energy storage facilities, and bioenergy plants, and provides energy products to its customers. Ørsted ranks #1 in Corporate Knights' 2020 index of the Global 100 most sustainable corporations in the world and is recognized on the CDP Climate Change A List as a global leader on climate action. Headquartered in Denmark, Ørsted employs 6,500 people. Ørsted's shares are listed on Nasdaq Copenhagen (Orsted). In 2019, the group's revenue was DKK 67.8 billion (EUR 9.1 billion). Visit orsted.com or follow us on Facebook, LinkedIn, Instagram and Twitter.