Eneos Shifts into Renewable Energy

Akihabara News (Tokyo) — Oil wholesaler Eneos Holdings has acquired Tokyo-based Japan Renewable Energy Corporation as a major step towards its green shift.

Eneos “aims to become a leading renewable energy company in Japan,” the firm has explained.

The purchase price for Japan Renewable Energy was about ¥200 billion (US$1.8 billion). It will become a wholly-owned subsidiary of Eneos when the acquisition is finalized, which may be around January of next year.

Established by Goldman Sachs in 2012, Japan Renewable Energy has built up its renewable energy assets in Japan to about 420MW in operation and another 460MW under construction, mainly in the solar energy, onshore wind power, and biomass fields. It is also eyeing development of offshore wind, such as at the Noshiro city and Happo town zone off Akita Prefecture.

For its part, Eneos has outlined a long-term vision for 2040 which involves investment in next-generation energy supplies and environment-friendly businesses. It aims to achieve carbon neutrality by 2040 as well.

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