J-POWER acquires Genex with MinterEllison’s expertise

MinterEllison played a key role in the recent acquisition of Genex Power Limited by Electric Power Development Co., Ltd. (J-POWER), a transaction valued at $381 million and with an enterprise value of $1,035 million. The transaction was concluded under a scheme of arrangement, marking a significant advance in the renewable energy sector.

The acquisition strategy was designed to integrate J-POWER, a leading Japanese electricity supplier, with Genex, an Australian developer of renewable energy projects. Genex is known for its diverse portfolio, including the innovative Kidston Clean Energy Hub in North Queensland. The hub is home to notable projects such as a 50 MW solar project and a 250 MW pumped-storage hydro project – the first of its kind in over 40 years.

The legal arrangement led by MinterEllison included a two-track scheme of arrangement supplemented by an off-market takeover offer, which ultimately proved unnecessary due to the approval of the scheme by Genex shareholders and the Supreme Court of New South Wales in July 2024.