Harnessing the Natural Resources to Energy, and further to Society
In April 2020, TEPCO Renewable Power, Inc. took its first steps as an independent company dedicated solely to the renewable energy generation business, the operation of which it has assumed from TEPCO Holdings, Inc.
The reason behind the creation of an independent company dedicated to our renewable energy business is the rapid expansion of worldwide initiatives to promote the decarbonization of society.
The TEPCO Group has continued to develop renewable energies, and we aim to leverage the technical skills and know-how that we have cultivated to benefit the global environment.
Amidst the global trend towards decarbonization, interest amongst our customers in CO2-free electricity is rapidly growing. An example of this is the increasing number of companies that have joined RE100, which aims to supply all of the energy required for business activities via renewable energy sources.
We perceive these trends as business opportunities and will leverage renewable energies to contribute to the decarbonization of society and the development of companies rooted in the community, as we aim to become a company that can create a sustainable “energy society of the future.”
For many years, TEPCO Renewable Power, Inc. has used a consistent business model that covers everything from the planning and construction to the O&M* of hydroelectric and wind power generation facilities. The total capacity of the company’s hydroelectric, wind, and solar power facilities is approximately 10 million kW, and our technical prowess has enabled us to maintain the largest amount of facilities in Japan. In order to seize the significant business opportunities inherent in the global trend towards decarbonization and meet the growing need for CO2-free energy, we aim to newly develop approximately six to seven million kW of power generation facilities within and outside of Japan by the mid 2030’s, and we will promote the transition to renewable energies as primary energy sources.
In the domestic hydroelectric power industry, which is our primary business, we aim to modernize and make more efficient aging small and medium-sized hydroelectric power stations by repowering them. We are also promoting the centralization of operation control bases and leveraging IT to make equipment maintenance diagnostics more efficient.
In addition, going forward we will also engage in digital transformation (DX) across areas such as sensing technology, big data/analytics, and smart O&M that utilizes AI, as we aim to strengthen our abilities as a company and further reform our business model.
Furthermore, we are actively promoting overseas hydroelectric power projects based on the experience and know-how we have gained through our domestic hydroelectric power business. In November 2018, we invested in the first of these projects - a hydroelectric power station in Vietnam. We will continue to participate proactively in such projects in countries and regions that have high potential for development. We will leverage the technical know-how we have cultivated to increase the value of the power stations in which we have invested, and promote the economical use of renewable energies throughout the world.
With regard to wind power production, we have performed demonstration experiments on Japan’s first ocean floor-anchored wind power generation facility, located off the coast of Choshi, and put this demonstration power plant into commercial use. Through this project we have gained experience in constructing, operating, and maintaining a wind power generation facility under harsh ocean and weather conditions, always working in harmony with the surrounding environment and the fishing industry. Using this knowledge, we are now equipped to handle everything from the planning and construction, to the O&M of wind power production facilities.
On March 18, 2020, together with Denmark’s Ørsted A/S (Ørsted), the world’s leading offshore wind developer, we established a joint venture company, Choshi Offshore Wind Farm K.K., in order to develop offshore wind power in the Choshi-city offshore wind promotion area. We will make every effort to create a large-scale wind farm off the coast of Choshi in the hope that it will lead to further development both within and outside of Japan.
Going forward, we will flexibly procure capital through sustainable financing methods such as green bonds, project financing, and the securitization of assets, in order to move forward with the development of approximately six to seven million kW of power generation facilities.
TEPCO Renewable Power, Inc. will promote the domestic and overseas use of renewable energies and contribute to the creation of a clean and sustainable, decarbonized society by harnessing the natural resources to the best of our ability in order to provide a stable supply of electricity at low cost.
TEPCO Renewable Power, Inc.
Seiichi Fubasami, President
*O&M: operation and maintenance