Specifically, TEP, Japan's number-four power utility, reported that it will invest in development of the project with a view to taking a possible stake if it advances to commercial operation.

Moreover, the company noted that it is currently discussing with local residents, fishermen and other industries, while at the same time environmental impact assessments and various other surveys are being conducted.

Except Renova, Akita Yurihonjo belongs to Eco Power Company Ltd and JR East Japan Energy Development Co. Ltd.

The construction of the project is expected to begin in the 2021 fiscal year. In the meantime, the commissioning is to be launched in the 2024 fiscal year.