Investment in Oyasu Geothermal Co., Ltd.
~TEPCO RP invests in its first geothermal power plant project~
June 30, 2023
TEPCO Renewable Power, Inc.
Today, TEPCO Renewable Power, Inc. (TEPCO RP) acquired all 15% of the shares of Oyasu Geothermal Co., Ltd., which is building the geothermal Katatsumuri Yama Power Plant in Yuzawa City, Akita Prefecture, owned by Mitsui Oil Exploration Co., Ltd. This is TEPCO RP’s first investment in a geothermal power plant project.
The Katatsumuri Yama Power Plant is the first geothermal power plant that has been designated by the Minister of the Economy, Trade and Industry as an “Important Power Development Site.” With support in the form of a loan guarantee provided by the Japan Organization for Metals and Energy Security (hereinafter referred to as, “JOGMEC”), the plant is currently being constructed while giving full consideration to the surrounding environment and scenery with the aim of commencing operation in March 2027.
In coordination with existing shareholders Idemitsu Kosan Co., Ltd. and INPEX CORPORATION, TEPCO RP shall safely and steadily promote the construction of the power plant while also proactively contributing to regional symbiosis and the regional economy.
In order to make further effective use of Japan’s plentiful geothermal resources, which are the third largest in the world, TEPCO RP will provide detailed explanations to regional residents and local government officials in all the areas where geothermal power is being developed, such as Kawamata and Shiobara in Tochigi Prefecture, and Mt. Akagi and Marunuma in Gunma Prefecture, acquire all the necessary permits, and implement various surveys with assistance from JOGMEC.
Based on our principle of “Harnessing the Natural Resources to Energy, and further to Society,” TEPCO RP shall continue to harness natural resources to the best of its ability to provide a stable and low-cost supply of electricity thereby spreading the use of renewable energies both domestically and abroad, and contributing to carbon neutrality and the development of regionally-rooted industry.