March 18 (Renewables Now) - Ørsted A/S (CPH:ORSTED) has officially formed an offshore wind joint venture in Japan with Tokyo Electric Power Company Holdings Inc (TYO:9501), or TEPCO.
By doing so, the two parties are getting ready to make a joint bid in the Round 1 auction once the government of Japan formally designates the Choshi-city offshore wind promotion area, Denmark’s Ørsted said in a statement today.
The JV, called Choshi Offshore Wind Farm KK, was incorporated today with a registered office in Chiyoda-ku, Tokyo. The new firm is 51%-owned by TEPCO and the rest of its shares are held by a local subsidiary of the Danish pure-play renewables company.
Ørsted and TEPCO initiated their partnership in January 2019, when they signed a memorandum of understanding (MoU) to work jointly on offshore wind projects. Since then, they have been working on creating a framework and organisational structure for the joint development of the initial project.
Next month, TEPCO is expected to launch its renewable energy business arm, called TEPCO Renewable Power. This move is part of its plan to make renewable energy a core generating source, the statement says.