Eneos to buy PE-backed Japan Renewable Energy for $1.8b
Eneos Holdings, an oil company and active technology investor, has agreed to acquire Japan Renewable Energy (JRE) from Goldman Sachs Asset Management and GIC.
Eneos will pay JPY200 billion ($1.8 billion) for a 100% stake and position JRE as a “sub-subsidiary,” according to a filing. This is part of an initiative to transform Eneos’ business structure, diversify its energy mix, achieve carbon neutrality, and contribute to a recycling-oriented society by 2040.
JRE was established by Goldman Sachs in 2012 and received investment from GIC Special Investments in 2017. It has gone on to become one of Japan’s leading renewable energy companies, with interests across the sector value chain, including project development, operation, and maintenance of solar, onshore wind, and biomass plants.
As of September, JRE had about 379,000 kilowatts of capacity, a figure that rises to 708,000 KW when including plants under construction. The company will contribute to Eneos’ plans to establish a carbon dioxide-free hydrogen supply chain by providing clean electricity to an energy storage and distribution system that will also support electric vehicles.
Eneos has committed to invest JPY400 billion in renewable energy by March 2023, according to local media. The company’s venture capital division, Eneos Innovation Partners, is focused on decarbonization, community development, and circular economy technologies, as well as data science and mobility. Recent investments include SkyDrive, an electric flying car maker.
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