Japan’s Tokyo Electric Power Company (TEPCO) and Danish offshore wind developer Ørsted have agreed to form a joint venture (JV) company.

Called Choshi Offshore Wind Farm KK, the JV company is being established to develop an offshore wind project, located in Japan’s Chiba prefecture.

The JV has been incorporated with a registered office in Chiyoda-ku, Tokyo. TEPCO owns 51% interest in the new company and the remaining 49% is held by Choshi Orsted HoldCo GK.

The two companies will now work together towards a joint bid in the Choshi-city offshore wind promotion area.

After the Japanese Government officially designates the Choshi-city offshore wind promotion area, TEPCO and Ørsted will submit a joint bid in the auction’s first round.

Last January, TEPCO and Ørsted signed a memorandum of understanding (MoU) to work together on offshore projects.

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Since then, TEPCO and Ørsted have been working to develop a framework and an organisational structure for the development of the project.

TEPCO president and representative executive officer Tomoaki Kobayakawa said: “TEPCO and Ørsted have been making excellent progress in developing our partnership and we are ready to see successful developments of the Choshi offshore wind project.

“Our two companies have agreed to establish a unique framework that enables us to effectively integrate and leverage strengths and expertise from both sides. We are confident this is key to succeed in the Choshi offshore wind project.

“In April this year, TEPCO will launch its renewable energy business arm, TEPCO Renewable Power, to make renewable energy a core generating source.

“The partnership with Ørsted and the establishment of Choshi Offshore Wind Farm KK will help drive business growth for the TEPCO group and TEPCO Renewable Power.”