Oil wholesaler Eneos Holdings Inc. announced Monday that it will acquire Tokyo-based renewable energy company Japan Renewable Energy Corp. for about 200 billion yen.
Under an agreement reached on the same day, Japan Renewable Energy will be a wholly-owned subsidiary of Eneos by the end of January next year.
Eneos will acquire all shares in terms of voting rights of US financial giant Goldman Sachs Group Inc. and Singapore sovereign wealth fund GIC.
Japan Renewable Energy, established in 2012, recorded a consolidated net loss of 900 million yen in 2020 on revenue of 22.4 billion yen.
With this acquisition, Eneos hopes to change its current business model, which relies heavily on fossil fuels. The decarbonization of Japanese energy-related companies is expected to accelerate further after the acquisition.
With decarbonization accelerating in Japan and abroad, Eneos has announced a goal of reducing carbon dioxide emissions from its operations to zero by 2040.
The company also plans to increase its global power generation capacity using renewable energy to over one million kilowatts by the end of fiscal 2022 as part of its business plan. medium term.
At Japan Renewable Energy, capacity is around 710,000 kilowatts on an equity basis, including the amounts expected from facilities under construction. The company also has know-how in the production of solar and wind energy.
Eneos “aims to become a leading renewable energy company in Japan” with the acquisition, the oil distributor said in a statement.
The acquisition will be “a stepping stone” for Eneos’ progress towards its long-term goals, Senior Vice President Keitaro Inoue said at an online press conference, showing the company’s eagerness to start a business. offshore wind activity.
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