UPDATE - Eneos strikes USD 1.78bn deal for Japan Renewable Energy

Japan's Ichigo wind farm

October 11 (Renewables Now) - Japanese conglomerate Eneos Holdings Inc (TYO:5020) announced on Monday it has reached a deal to acquire domestic renewables developer and operator Japan Renewable Energy (JRE) for about JPY 200 billion (USD 1.78bn/EUR 1.55bn), confirming earlier local media reports.

Under the deal, the oil major's subsidiary Eneos Corp will take over Tokyo-based JRE from the infrastructure arm of US investment bank Goldman Sachs and Singaporean sovereign wealth fund GIC.

The deal will enable the petroleum refiner to boost its overall
renewable power generation capacity to over 1,000 MW at home and abroad by the end of its 2022 fiscal year through March 2023. Eneos has a goal to reach carbon neutrality for its own operations by 2040.

Formed in 2012, JRE had wind, solar and biomass power plants in operation with a total capacity of 419 MW as at end-September, a separate statement showed. That figure rises to roughly 877 MW once the target company's projects under construction are factored in.

Completion of the transaction is scheduled for late January 2022.

(JPY 100 = USD 0.895/EUR 0.773)

More stories to explore
5 / 5 free articles left this month
Get 5 more for free Sign up for Basic subscription
Get full access Sign up for Premium subscription
\