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Tokyo Electric Power Company Holdings (TEPCO)[TKECF:US] a Japanese electric utility company announced that it had secured the rights to develop up to 1.9 gigawatts (GW) of floating offshore wind capacity in Scotland, in collaboration with Norwegian company Vargronn, as reported by Reuters on March 27. TEPCO’s UK unit, Flotation Energy, will lead the development of the two Scotland projects, Green Volt and Cenos, which are expected to start commercial operations in 2028 and 2030, respectively. TEPCO’s investment in Flotation Energy marks its first equity investment in overseas wind power, and the company plans to develop 6-7 GW of new offshore wind and hydroelectric power assets by 2030. The power generated by the wind farms will be supplied to nearby oil and gas platforms, replacing gas-turbine-generated power.
TEPCO’s investment in floating offshore wind power projects in Scotland is a significant step towards achieving its renewable energy goals. The company has been focusing on renewable energy as part of its efforts to move away from nuclear power, following the 2011 Fukushima nuclear disaster. With this investment, TEPCO is joining a growing number of global energy companies that are investing in renewable energy, such as wind and solar, to meet increasing demand for clean energy and combat climate change. The development of Green Volt and Cenos projects is expected to create jobs and economic benefits for Scotland, while contributing to the country’s efforts to achieve its own renewable energy targets.
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