March 20 (Renewables Now) - Japanese electric utility Tohoku Electric Power Co Inc (TYO:9506) has bought a stake of an undisclosed size in a 700-MW offshore wind project that is being developed by Renova Inc and partners.
The Japanese renewables developer said in a statement today that Tohoku Electric Power will invest in Akita Yurihonjo Offshore Wind GK, whose other sponsors are Eco Power Co Ltd and JR - EAST Energy Development Co Ltd.
Renova noted that it is currently holding talks with local residents, fishermen and other local industries and, at the same time, undertaking environmental impact assessments and various other surveys for the project.
The Akita Yurihonjo offshore wind scheme is expected to enter the construction phase in fiscal year 2021, while completion is planned for after fiscal 2024.
Renova pointed out that this project will have a minimal impact on its business results for the fiscal year ending March 31, 2019.