J-Power acquires 10% stake in Australia's Genex

Electric Power Development Co Ltd (TYO:9513), known as J-Power, has bought a 10% stake in Australian renewable energy company Genex Power Ltd (ASX:GNX).

The Japanese energy company announced on Tuesday that it has sealed the agreement through its local unit JPGA Partners Pty Ltd. No financial information was given.

The acquisition is part of J-Power's plans to increase its foothold in the Australian renewable market alongside Genex.

At present, Genex has 770 MW in its portfolio, including 370 MW of solar, 250 MW of pumped hydro and 150 MW of wind. Two 50-MW solar plants are already in operation and the rest is either under construction or in development. More specifically, it is working on the 150-MW Kidston Stage-3 Wind project and the 250-MW K2 pumped storage hydro project, both in the state of Queensland, under a technical services deal with its new shareholder.

J-Power added that it is committed to continuing its renewable expansion. The firm has a goal of becoming carbon neutral by 2050, targeting 1,500 MW or more of new renewable energy capacity by fiscal 2025.

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