Hitachi leads $1.53bn Japanese offshore wind plan

Hitachi (NYSE: HIT) is leading a consortium that plans to construct $1.53bn worth of offshore wind farms in Japan. Offshore wind farm

The seven member consortium also includes Toshiba, Toyota Construction and the Japan Weather Association.

Tomomitsu Yamamoto, Hitachi spokesman, told Bloomberg that the group, which plans to build the wind farms with a combined capacity of 300MW over a decade, will initially complete 7.5MW of pilot plants by 2016.

In July 2012, the Japanese government introduced incentives to promote clean energy investments, as a response to Fukushima.

A special purpose vehicle may be formed by the group which will seek funds for the construction of the proposed wind farms, Hitachi said on its website.

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