Eneos to buy Japan Renewable Energy for $1.8 billion -Nikkei By Reuters

© Reuters. FILE PHOTO: JX Nippon Oil & Power Corp’s Eneos model emblem on a tanker lorry in a practice at a station close by its refinery in Yokohama, Japan February 7, 2017. REUTERS/Kim Kyung-Hoon

By Sam Nussey and Makiko Yamazaki

TOKYO (Reuters) -Eneos Holdings Inc, Japan’s greatest refiner, plans to purchase Japan Renewable Power for about 200 billion yen ($1.8 billion) from Goldman Sachs (NYSE:) and Singaporean sovereign wealth fund GIC, the enterprise each day reported on Thursday.

The deal would mark the primary main buy of a renewables firm by a high Japanese oil firm, the Nikkei mentioned, as Eneos seems to shift away from fossil fuels.

Based in 2012, Japan Renewable Power develops and builds renewable vitality belongings and has 419 megawatts of photo voltaic, onshore wind and biomass capability in operation, with an additional 410 MW underneath development.

An Eneos spokesperson mentioned the corporate was contemplating varied choices to increase its renewable vitality enterprise however that nothing had been determined. A Goldman Sachs spokesperson declined to remark.

Like abroad counterparts together with Royal Dutch Shell (LON:) Japan’s oil corporations are shifting into new areas, particularly after Tokyo stepped up commitments on chopping environment heating emissions together with different nations.

Japan Renewable’s web site has few monetary particulars however, with its comparatively small capability, any acquisition is unlikely to make a lot of an instantaneous contribution to Eneos’ typical annual gross sales of round 10 trillion yen ($90 billion).

Nonetheless, it signifies Eneos intent to start out switching out of fossil fuels because the vitality transition accelerates. Japan is about to almost double official targets for renewable provides within the vitality mixture of the world’s third-largest economic system.

Eneos controls half the marketplace for gasoline and different fuels in Japan, however has for a few years seen its buyer base shrink on account of a declining inhabitants and shifting tastes.

($1 = 111.2800 yen)

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