TokYO Tokyo Electric Power Company Holdings TEPCO has won the rights to develop up to 1.9 gigawatts GW of floating offshore wind capacity across two projects in Scotland along with Norway-based company Vargronn, according to TOKYO Tokyo Electric Power Company Holdings.
Many energy and power companies around the globe are switching their attention to renewable energy, such as solar, wind and biofuels to cut pollution in line with their own and government goals in the next couple of decades.
The two Scotland projects, Green Volt and Cenos, will be developed by TEPCO's UK unit, Flotation Energy and Vargronn, TEPCO said in a statement. The Italian energy company Eni is among its shareholders, according to Vargronn.
The commercial operation of Green Volt and Cenos should be launched in 2028 and 2030, according to TEPCO.
The Japanese company invested an undisclosed amount into Flotation Energy, a British floating offshore wind power company, its first equity investment in overseas wind power.
TEPCO's overseas investments are in line with its plan to develop 6 -- 7 GW of new offshore wind and hydroelectric power assets by 2030.
Green Volt and Cenos windfarms provide power and grid-connection that will feed nearby oil and gas platforms, replacing gas turbines-generated power, according to a statement from the Green Volt and Cenos windfarms on Monday.