Australia’s Genex Energy acquired by J-Energy in deal value AUS$351 million

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Genex Energy’s portfolio consists of photo voltaic PV, wind, pumped hydro power storage and battery power storage, such because the 50MW Kidston photo voltaic undertaking (pictured). Picture: Genex Energy.

Australian renewable power and storage developer Genex Energy has been acquired by Japanese energy firm J-Energy in a deal value AUS$351 million (US$229 million).

Revealed on Wednesday (31 July), J-Energy secured 1,278,187,135 shares at a consideration worth of AUS$0.275. J Energy initially held a ten% stake within the firm, with the 2 organisations having reached an settlement in Might 2021.

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The 2 corporations had been collectively growing a 2GW solar-plus-storage undertaking in Queensland dubbed Bulli Creek. The settlement signed final 12 months (June 2023) granted J-POWER a 50% curiosity within the multi-staged solar energy technology and battery undertaking at Bulli Creek and supplied Genex with a AUS$35 million company mortgage facility.

The 2 corporations had additionally been collectively growing the 200MW Kidston Stage-3 Wind Mission in Queensland, with operations anticipated to start in 2025.

With the completion of this acquisition, Genex will apply for delisting from the Australian Securities Trade (ASX) efficient from the shut of buying and selling on ASX at present (1 August). The acquisition was suggested by Australian regulation agency MinterEllison.

Geread Dooley, companion at MinterEllison highlighted that Japanese funding has been “crucial to Australia’s development” and that additional funding might be “crucial for Australia in attaining its power transition ambitions”.

“That is one other glorious instance of MinterEllison supporting its Japanese shoppers with their most essential and sophisticated offers in Australia,” Dooley added.

This text first appeared on our sister publication Vitality-Storage.information.

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