Tokyo, Japan headquartered crude oil refiner Eneos Corporation is to acquire Japanese renewable energy developer Japan Renewable Energy Corp. (JRE) from its original owners Goldman Sachs Asset Management and an affiliate of GIC Private Limited for JPY 200 million ($1.8 million). The deal is scheduled for completion at the end of January 2022.
JRE has been developing solar, onshore and offshore wind and biomass projects in Japan since 2012 when it was established by Goldman Sachs. At the end of September 2021, JRE said it had 877 MW of assets in operation (419.185 MW) or under construction (458 MW). Add this to Eneos' total renewable energy generation capacity in operation and under construction in and outside of Japan, it will come to a total of 1.22 GW.
JRE's acquisition is aligned to Eneos' decarbonization strategy by 2040 while exploring a CO2 free hydrogen supply chain in the future. Eneos aims to report 1 GW renewable energy generation capacity in Japan and overseas by the end of 2022. Further expansion will be pursued.
Under the new ownership, JRE said it expects to expand further leveraging the knowledge and network of Eneos.
Eneos' decision comes in the wake of dwindling investor and customer support for fossil fuels, and follows Japan's pledge to become a carbon neutral country by 2050, achieving decarbonization with the help of solar and carbon recycling among other measures (see Japan Pledges Carbon Neutral Target By 2050).
Recently, Indian multinational Reliance Industries Limited (RIL) with business interest in petrochemicals announced its acquisition of Norwegian solar module maker REC Group and a 40% stake in solar EPC company Sterling and Wilson Solar Limited (SWSL) (see India's Mukesh Ambani Goes Solar Shopping).
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