Automotive giant Toyota Group's international trading company Toyota Tsusho Corporation has acquired 85% stake in SoftBank Group's (SBG) renewable energy business SB Energy Corp for an undisclosed amount, with an aim to strengthen its presence in Japan and beyond in this segment.
The Masayoshi Son headed company will now become a Toyota Tsusho subsidiary and an affiliate of SBG that will continue to hold 15% ownership.
Set up in October 2011 in the aftermath of the Great East Japan Earthquake with a view to green Japan, SB Energy currently operates 773 MW renewable energy capacity including 667.1 MW solar power and 55.9 MW wind power in the Asian country and is also operating in other geographies, including the US.
It is also operating in the space of virtual power plants (VPP) as Bits, and also mobility where it combines renewable energy with battery cells of electric vehicles (EV).
For Toyota Tsusho, SB Energy will be an addition to its renewables portfolio under which it operates wind power generation company Eurus Energy Holdings Corporation operating over 3.7 GW capacity including 350 MW solar power.
"With SB Energy joining under Toyota Tsusho's umbrella, the Toyota Tsusho Group will become one of Japan's largest power generators not only in wind power but also in solar power," stated Toyota Tsusho.
It added, "In addition, Toyota Tsusho and SBG will explore collaborative efforts among their group companies in the renewable energy businesses, such as joint development of renewable energy, electric power supply and demand adjustment, and so on, aiming toward achieving Carbon Neutrality."
The Toyota Group company aims to bring down its GHG emissions by 50% from 2019 levels by 2030, and achieve carbon neutrality by 2050.
In May 2021, SBG offloaded SB Energy India with its 5 GW renewable energy portfolio to Adani Green Energy Limited for $3.5 billion (see Adani To Acquire 5 GW India RE Portfolio From SB Energy).
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