Australian renewable energy generation and storage project developer Genex Power has been bought by Tokyo-headquartered Japanese utility Electric Power Development Company (J-Power) in a $381 million (USD 248.8 million) acquisition and will be converted into a subsidiary.
The acquisition is inline with J-Power’s Blue Mission 2050 which roadmaps a CO2 emissions reduction path for the company toward a net emissions target in 2050 across its domestic power generation business.
It is currently scaling its renewables portfolio globally toward that goal and explains the Genex acquisition in terms of its corporate philosophy to “meet people’s needs for energy without fail and play our part in the sustainable development of Japan and the rest of the world.”
“By accelerating the development of renewable energy and energy storage facilities together with Genex through the share acquisition, J-Power is confident of significantly contributing to achieving the Australian government’s greenhouse gas emission reduction targets and goals of J-Power’s Blue Mission 2050,” a J-Power statement said during the takeover bid.
Genex has a portfolio of more than $1 billion of renewables and storage projects including its flagship 50 MW stage 1 solar project and 250 MW / 2,000 MWh pumped storage hydro project at the Kidston Clean Energy Hub (KCEH), Queensland, 385 kilometres west of Townsville.
J-Power already owned 14.6% of Genex shares and partners with Genex on the 2 GW Bulli Creek battery and solar project 230 kilometres west of Brisbane and a wind farm at the KCEH.
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