JERA and NTT swoop for Pattern's Japanese renewables assets in '$2bn deal'
Partners agree purchase that's among the largest seen so far in nation's green power sector
Japan’s biggest power group JERA and NTT Anode Energy today (Thursday) agreed to buy a clutch of renewables assets owned by US group Pattern Energy in one of the biggest deals yet in the Japanese green power sector.
The purchase includes Green Power Investment Corporation (GPI), a major player in Japanese onshore and offshore wind.
Financial terms were not disclosed in an announcement of the deal, but Japanese financial newspaper Nikkei said JERA and NTT would pay about 300bn yen ($2.2bn).
GPI has a 337MW operating base and assets under construction include the 112MW Ishikari Bay New Port offshore wind farm in Hokkaido.
JERA is a joint venture of Tokyo Electric Power Co (Tepco) and Chubu Electric Power, and has set out its stall as a major player in offshore wind and other renewables at home and abroad as it pursues a goal to have 5GW of clean capacity in place by 2025.
Yukio Kani, global CEO at JERA said: “Through GPI, we together with NTT Anode Energy will expand renewable energy businesses in Japan. Also, we will create synergies in offshore wind power businesses as part of our global strategy.”
The deal is expected to conclude by the end of the year, said JERA.
(Copyright)