ENEOS Corporation, Japan’s largest oil refiner, has made major initiatives in energy transformation. It will acquire Japan Renewable Energy Corporation (JRE) and has reached an agreement.
It is reported that JRE indirectly owns the internal infrastructure business of Goldman Sachs and is also a subsidiary of Singapore Government Investment Corporation (GIC). The deal is estimated to be about 200 billion yen ($1.78 billion) and is expected to close by the end of January 2022.
This is part of Eneos’s goal to achieve carbon neutralization of its carbon dioxide emissions in 2040. By March 2023, Japan and foreign renewable energy power generation capacity will exceed 1GW. JRE currently has a transmission pipeline of about 708 MW, and Eneos expects its total renewable energy capacity in operation and under construction to be about 1.22 GW after the transaction.
JRE was established by Goldman Sachs in 2012 with capital support from Goldman Sachs and Singapore Government Investment Corporation (GIC). The company has a national renewable energy asset base, diversified in the fields of solar energy, onshore wind energy and biomass energy, and cooperated with Wpd from German to establish a potential 300 MW offshore wind power project, which is located near Nodao, Xikai City, Nagasaki county.
Edited and translated: Following The Wind