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Toshiba Corp, Hitachi Zosen Corp , JFE Steel Corp and three other companies plan to invest 120 billion yen (US$ 1.53 billion) over a decade to set up offshore wind turbines, the Nikkei reported.

Potential sites for the project, which will have a production capacity of 300MW, include areas off the coast of the Kyushu region in southern Japan, the newspaper said. Sumitomo Electric Industries Ltd, Toa Corp and Toyo Construction Co Ltd are the other companies, according to the Japanese newspaper. Funds will be raised through a special-purpose company and project financing, the Nikkei said.
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