Japanese energy giant Electric Power Development Company, known as J-Power, has acquired Sydney-based renewable energy development and energy storage company Genex Power in a deal worth $381 million, with shareholder support.

Australian renewable energy developer Genex Power has been acquired by Tokyo-based Japanese energy company Electric Power Development Company (J-Power) for $US381 million ($248.8 million) and turned into a subsidiary.

The acquisition is in line with J-Power’s Blue Mission 2050 strategy, which sets out a CO2 emissions reduction path to achieve a net 2050 emissions target from its domestic power generation operations.

The company is now globally expanding its renewable energy portfolio to achieve this goal, and explains the acquisition of Genex with its corporate philosophy of “reliably meeting people’s energy needs and playing its 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 equity acquisition, J-Power believes it will significantly contribute to achieving the Australian Government’s greenhouse gas emission reduction targets and J-Power’s Blue Mission 2050 goals,” J-Power said in a statement issued at the time of the takeover bid.

Genex has a portfolio of renewable energy and energy storage projects worth over $1 billion, including a flagship 50MW Stage 1 solar project and a 250MW/2000MWh pumped hydro project at the Kidston Clean Energy Hub (KCEH) in Queensland, 385 kilometres west of Townsville.

J-Power already owned 14.6% of Genex shares and is working with Genex on the 2GW Bulli Creek battery and solar project 230km west of Brisbane, as well as the KCEH wind farm.

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