TEPCO unit acquires rights to develop wind farms off Scotland

TEPCO Renewable Power Inc., a renewable energy unit of Tokyo Electric Power Company Holdings Inc., said Monday it has acquired rights to develop offshore wind farms in waters off Scotland for about 16 billion yen ($122 million).

The floating wind farms, to be set up in two separate areas of the North Sea, will have a combined output of 1.91 million kilowatts, the company said.

One of the sites will boast an output of 1.35 million kilowatts, making it one of the world's biggest floating wind farms, the Japanese company said.

The Tokyo Electric unit plans to start construction as early as 2025 and begin operations by 2030.

Flotation Energy, a British offshore wind farm developer under TEPCO Renewable Power, will carry out the project together with a Norwegian company.

TEPCO Renewable Power won a bid to the rights in an auction held by a Scottish government-backed organization in an effort to accelerate decarbonization.