The Tokyo-based finance and leasing company, which has been developing solar and biomass projects, is conducting geological surveys in Hokkaido and Aomori Prefecture, spokeswoman Tamaki Shibata said Wednesday.
Orix plans to invest as much as ¥25 billion, the Nikkei newspaper reported, though Shibata said estimates at this stage are premature.
The company will focus on smaller plants of about 2 MW as they can be set up quickly, Shibata said. Environmental impact assessments for plants with 7.5 MW of capacity or more are often required, according to the Environment Ministry’s website.
According to a news release Orix will commence commercial feasibility studies on geothermal power generation business in Hakodate City, Hokkaido Prefecture, and Kazamaura Village, Aomori Prefecture.
