Australian renewable energy and storage developer Genex Power has been acquired by Japanese power company J-Power in a deal worth AUS$351 million (US$229 million).
Revealed on Wednesday (31 July), J-Power secured 1,278,187,135 shares at a consideration price of AUS$0.275. J Power initially held a 10% stake in the company, with the two organisations having reached an agreement in May 2021.
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The two companies had been jointly developing a 2GW solar-plus-storage project in Queensland dubbed Bulli Creek. The agreement signed last year (June 2023) granted J-POWER a 50% interest in the multi-staged solar power generation and battery project at Bulli Creek and provided Genex with a AUS$35 million corporate loan facility.
The two companies had also been jointly developing the 200MW Kidston Stage-3 Wind Project in Queensland, with operations expected to commence in 2025.
With the completion of this acquisition, Genex will apply for delisting from the Australian Securities Exchange (ASX) effective from the close of trading on ASX today (1 August). The acquisition was advised by Australian law firm MinterEllison.
Geread Dooley, partner at MinterEllison highlighted that Japanese investment has been “critical to Australia’s growth” and that further investment will be “critical for Australia in achieving its energy transition ambitions”.
“This is another excellent example of MinterEllison supporting its Japanese clients with their most important and complex deals in Australia,” Dooley added.
This article first appeared on our sister publication Energy-Storage.news.
