J-POWER acquires Genex Power

Genex will become a subsidiary of J-POWER.

Electric Power Development Co (J-POWER) is acquiring all the issued shares of Australia-based Genex Power Limited, making the renewable energy and energy storage developers its subsidiary.

In a statement, J-POWER said they entered a scheme of arrangement procedure under Australia’s Corporation Act to proceed with the acquisition of the shares.

The company said it is pushing through with the transaction in line with its goal to accelerate its efforts to contribute to carbon neutrality by 2050, noting that Genex is developing a clean energy hub in Australia.

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“J-POWER has built a deep relationship of trust with Genex since 2020 through the joint development of renewable energy projects,” J-POWER said. 

“By accelerating the development of renewable energy and energy storage facilities together with Genex through the share acquisition, J-POWER is confident of significantly contributing to achieving the Australian government’s greenhouse gas emission reduction targets and goals of J-POWER’s BLUE MISSION 2050,” it added. 

Australia aims to reduce its greenhouse gas emissions by 43% by 2030 from 2005 levels and achieve net zero by 2050.