Tokyo Gas buys stake in wind power firm

Japan's largest gas retailer Tokyo Gas has acquired a stake in wind power venture Chiba Offshore Wind to take part in offshore wind power projects in the country's eastern Chiba prefecture, as it seeks to further expand its renewable power capacity.

Tokyo Gas has signed an agreement to purchase a stake in Chiba Offshore Wind, which is a 50:50 joint venture between Canadian firm Northland Power and Japanese renewable utility Shizen Energy. But it has declined to disclose other details of the deal, such as the price and amount of shares it purchased.

The Tokyo-based company aims to boost its renewable power capacity for domestic and overseas projects to 5GW by 2030, more than 10 times higher compared with its current capacity of 490MW, according to the company's 10-year business plan.

Japanese companies are accelerating developments in technology and new businesses related to renewable energy to achieve the country's target of net-zero GHG emissions by 2050.

The country's largest utility Jera has announced plans to build an offshore wind power project in the northernmost Hokkaido prefecture, with a total capacity of 520MW and 65 windmills. It has formed a consortium with wholesaler JPower and Norway's state-controlled Equinor ahead of the development of another offshore wind power project in the country's northeast Akita prefecture.

By Reina Maeda