Toshiba Corp. and Orix Corp. said Tuesday they will set up a joint venture for geothermal power generation.

The venture, to be owned 55 percent by Toshiba and the remainder by Orix, plans to enter the power generation business in 2015 in the hot spring village of Okuhida in Gifu Prefecture.

The 300-sq.-meter site will generate up to 2,000 kw, using Toshiba's small power generation system.

The joint venture will be capitalized at ¥198 million.

Toshiba is a leading facility manufacturer in the geothermal power field, while Orix, a financing and leasing company, is promoting renewable energy businesses.