ENEOS Holdings to buy Japan Renewable Energy for $1.77bn
09:05, 11 October 2021
Japanese refiner ENEOS Holdings will buy all shares in Japan Renewable Energy (JRE) for JPY200bn ($1.77bn, €1.53bn, £1.3bn) as the company aims to expand its low-carbon business.
ENEOS will buy the shares from Goldman Sachs Asset Management and an affiliation of Singapore’s GIC Private, the company said in the statement published on its website on Monday. The transfer of shares is expected in late January.
ENEOS, which aims to achieve carbon neutrality by 2040, plans to expand its total renewable power-generation capacity to over 1,000,000 kilowatts (kW) in Japan and overseas by the end of fiscal year 2022.
Expand capacity
Established in August 2012 by Goldman Sachs, JRE is one of the leading renewable power-generation companies in Japan, with total a 379,000kW of renewable plants from solar, onshore wind and biomass.
JRE is also actively engaged in developing offshore wind business, including monitoring wind conditions and developing construction plans, which it planned to expand further to become a major source of the renewable energy in the future.
With the addition of the renewable plants that are under construction, JRE has a total of 708,000kW of renewable power-generation.
ENEOS’s total renewable power-generation capacity in operation and under construction, both in domestic and overseas, is expected to be approximately 1,220,000kW as of September 2021 following the transaction.
Read more: Japan fuel demand fall prompts Eneos–PetroChina refinery to close
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