Tokyo Electric Power Company (TEPCO) and Ørsted have announced that they have agreed to establish a joint venture company, Choshi Offshore Wind Farm K.K., with the intention of working towards a joint bid in the Choshi-city offshore wind promotion area.TEPCO holds 51% of the shares and Ørsted the remaining 49%.
In January 2019, TEPCO and Ørsted signed a memorandum of understanding to work jointly on offshore wind projects and have since then been working together to establish a framework and organisational structure for joint development of the Choshi Offshore Wind Project. TEPCO and Ørsted will submit a joint bid in the Round 1 auction once the Japanese government officially designates the Choshi-city offshore wind promotion area, and further work together on future offshore wind opportunities in the area.