Tokyo Electric Power Company Holdings Inc. said Wednesday it will acquire British offshore wind farm developer Flotation Energy for an undisclosed sum as it tries to ramp up its renewable energy business amid soaring fossil fuel prices.
TEPCO Renewable Power Inc. will buy all of the outstanding shares in the British company from existing shareholders in its first investment in an overseas wind power business, the Japanese utility's renewable energy unit said.
Flotation Energy, founded in 2018, has a wealth of experience and knowledge in developing floating offshore wind farms and plans to start generating a total of 580,000 kilowatts of electricity in Britain by 2028, TEPCO said.
Through the venture, the utility will pursue projects in four countries -- Australia, Britain, Ireland and Japan -- as well as Taiwan, which are expected to generate a combined 12 million kilowatts of power, it said.
TEPCO said Tuesday it plunged into the red for the six months ended September due to rising fuel costs.
"We aim to contribute to a stable supply of electricity mitigating the power price surge in the medium to long term that is linked to the recent fossil fuel price situation," TEPCO Renewable Power President Masashi Nagasawa said in a statement.
