ENEOS Holdings, an oil refiner and distributor, based in Japan, announced that its consolidated subsidiary ENEOS Corporation would acquire a 100% stake in Japan Renewable Energy Corporation (JRE) for ¥200 billion (~$1.76 billion).

ENEOS aims to become a leading renewable energy company in Japan by combining JRE’s development capabilities in the renewable energy business with the expertise that ENEOS has accumulated as an energy company.

Established in August 2012, JRE is indirectly owned by Goldman Sachs Asset Management‘s infrastructure business and an affiliate of GIC Private Limited (GIC).

JRE engages in the renewable power generation business across the whole value chain from project development to operation and maintenance of renewable energy projects. It is also engaged in offshore wind project development, including monitoring wind conditions and developing construction plans.

Once acquired, JRE will be a wholly-owned subsidiary (sub-subsidiary) of ENEOS Holdings. The ENEOS Group has aimed for carbon neutrality in its CO2 emissions in 2040. The group aims to expand its total renewable power generation capacity to over 1 GW in Japan and overseas by the end of the financial year (FY) 2022.

Approximately 379 MW of the company’s renewable projects (consisting of solar, onshore wind, and biomass) are operating as of September 2021, and 708 MW after including renewable projects under construction.

The total renewable power generation capacity in operation and under construction in ENEOS, both domestic and overseas, is expected to be approximately 1.22 GW (as of September 2021) after the transaction.

In the future, ENEOS will establish a system that efficiently supplies CO2-free electricity to customers by combining fluctuating renewable energy power supplies with an energy management system (EMS). The EMS will optimally control electricity by utilizing a storage battery and electric vehicle (EV).

In April this year, Renewable Japan, an energy company, announced it had raised ¥10.15 billion (~$92.42 million) for a 25.76 MW solar project in Kagoshima prefecture.

Japan-based financial services group Orix Corporation completed its acquisition of a 21.8% stake in Indian renewable energy developer Greenko Energy Holdings.