A group of Japanese energy firms including Mitsubishi's wind power unit (8058.T), opens new tab, JERA and Tokyo Gas (9531.T), opens new tab, have set up an association to boost the development of floating offshore wind farms and jointly create technology, they said on Friday.
Japan aims to become a major offshore wind power producer, with the government targeting 10 gigawatt (GW) projects by 2030 and up to 45 GW by 2040 as part of its decarbonisation push, for which floating offshore wind is essential.
The group of 14 companies said they have set up the Floating Offshore Wind Technology Research Association to realise commercialisation of large-scale floating offshore wind farms in a wide area by jointly developing technology and creating international standards with overseas organisations.
Floating offshore wind power is seen as a way to ensure Japan has a stable and sustainable energy supply and its development will also stimulate the local economy and promote Japanese industries, the group said in a statement.
Other members include Nippon Telegraph and Telephone's energy unit (9432.T), opens new tab, Tohoku Electric Power (9506.T), opens new tab, Kansai Electric Power (9503.T), opens new tab and Marubeni Corp's wind power unit (8002.T), opens new tab.
The move, first reported by a local media, comes as the Japanese government this week approved a draft amendment to existing legislation to allow for the installation of offshore wind power in exclusive economic zones (EEZ), a milestone towards the country's goal of carbon neutrality by 2050.
The new legislation would allow wind farms to be installed further out to sea from current territorial and internal waters as EEZs are non-territorial waters where maritime nations claim mineral exploration and fishing rights.
