Chubu Electric Power Co. will invest up to ¥400 billion ($3.5 billion) overseas by fiscal 2030 to accelerate efforts to cut its carbon emissions, according to the firm's president, Kingo Hayashi.

Chubu Electric Power Co. President Kingo Hayashi | KYODO
Chubu Electric Power Co. President Kingo Hayashi | KYODO

Of the total amount, the company is ready to spend about ¥250 billion on acquisitions of and investments in renewable energy businesses abroad, while it will set aside around ¥100 billion for technologies related to such energy sources as hydrogen and ammonia, which produce no carbon dioxide when burned.

The utility is also ready to invest about ¥50 billion in the areas of electricity sales and power transmission technology, Hayashi said in a recent interview.

Chubu Electric plans to make such investments through its affiliate companies including Vietnamese hydropower company Bitexco Power Corp. and Netherlands-based electricity firm Eneco Groep NV, he said.

"There is a potential for renewable energy in Asia," Hayashi said. "We have to think about how to expand business in the region." Aside from Asia, the power firm will also accelerate investment in Europe, a front-runner in utilizing renewable energy sources, he added.

The Japanese government plans to have renewables account for 36% to 38% of the nation's total power generation capacity in fiscal 2030, starting in April that year, more than double the 18% in fiscal 2019.

In response to the ambitious target, the regional utility is tapping a variety of energy sources from solar to biomass so it can boost its power generation capacity. "We have to make every effort to increase renewable energy," Hayashi said.

Among all kinds of renewables, the company sees "a big potential in offshore wind farms," the president said. In addition to its domestic projects, the utility is willing to take part in overseas schemes if there is a chance, he added.