Japanese oil and gas company Eneos Corporation is to acquire the entire issued shares of Japan Renewable Energy Corporation (JRE).
JRE is indirectly owned by the infrastructure business within Goldman Sachs Asset Management and an affiliate of GIC Private Limited.
Following the transaction’s completion, JRE will be a wholly-owned subsidiary of Eneos Holdings.
Eneos set a goal to achieve carbon neutrality in its own CO2 emissions in 2040 and as part of that initiative it aims to expand its total renewable power generation capacity to over 1GW by the end of financial year 2022.
The company said that as of September 2021 JRE had 379MW of renewables operating – comprising solar, onshore wind and biomass – rising to 708MW when plants under construction are included.
The deal will raise Eneos’ renewable generation capacity in operation and under construction to 1.2GW.
JRE is also engaged in offshore wind business development including monitoring wind conditions and developing construction plans.