The president of Tokyo Elecric Power Company (TEPCO) has said it will spend $9.2bn-$18.4bn (¥1tn-¥2tn) on offshore wind and hydroelectric power before 2035.
The company’s subsidiary, TEPCO Renewable Power, will take half the stakes in 6-7GW of generation it is planning to develop.
TEPCO president Seiichi Fubasami recently told Reuters: “We aim to boost our profit to 100 billion yen in 2030 from 40 billion yen now.”
The developments would boost the company’s renewables portfolio to 25% of its business, up from 20%. After the meltdown of Fukushima nuclear plant in 2011, the company has had difficulty getting backing for new nuclear projects.