Toyota Tsusho to take control of SoftBank's SB Energy

Toyota Tsusho Corp (TYO:8015), the owner of wind power producer Eurus Energy Holdings Corp, announced on Thursday the signing of a deal to buy an 85% stake in Japanese renewable energy company SB Energy Corp from SoftBank Group Corp (TYO:9984).

The transaction is part of the renewable energy-focused strategy of Toyota Tsusho, which, through Eurus Energy, owns 3,701 MW of renewables, including 3,055 MW of wind and 350 MW of solar capacity. The buyer said in a statement that it plants to collaborate with SoftBank and its group companies on the joint development of renewables, electric power supply and demand adjustment.

Toyota Tsusho expects the purchase to help establish it as one of Japan's largest power generators not only in wind power but also in solar power. The group has pledged to halve its greenhouse gas (GHG) emissions from the 2019 level by 2030 and to achieve carbon neutrality by 2050.

SB Energy is engaged in the generation and supply of electricity from renewable sources. The firm was set up in October 2011 by SoftBank in response to the Great East Japan Earthquake. Since then, it has built and is operating 773 MW of capacity in Japan, including 667.1 MW of solar and 55.9 MW of wind, along with 50 MW of wind in the Gobi Desert of Mongolia. It also operates the Bits business, which combines renewables with AI and IoT to build energy platforms, and the Mobility business, which provides services through the coordination of renewable energy usage and electric vehicle (EV) batteries.

SoftBank will continue to hold a 15% stake in SB Energy following the transaction, the value of which was not disclosed.

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