May 30, 2014 1:15 pm JST

TEPCO to build plant in Philippines, 1st overseas investment since 2011

TOKYO (Kyodo) -- Tokyo Electric Power Co. will build a new coal-fired thermal power plant in the Philippines as its first overseas investment since the nuclear disaster following the March 2011 earthquake and tsunami, sources familiar with the matter said Friday.

     The new 400,000-kilowatt plant will be built by TEPCO and Japanese trading house Marubeni Corp. at a total project cost of around 100 billion yen, within the site of another thermal power plant operated by them, according to the sources.

     TEPCO and Marubeni purchased three thermal power plants in the Philippines in 2007 and have since jointly operated them.

     TEPCO is seeking to expand overseas operations under its business turnaround plan set in January as the liberalization of electricity sales to be introduced in 2016 will further intensify competition among domestic utilities.