NTT Anode Energy Corporation (NTT) and JERA Co (JERA) have partnered to acquire the Japanese business of Pattern Energy Group LP (Pattern), a US renewable energy company.
The transaction for the joint acquisition of Green Power Investment Corporation (GPI) and other renewable energy businesses in Japan that are currently owned by Pattern Energy, is expected to be completed by the end of 2023.
GPI is a leading renewable energy power generation company, dedicated to the development, construction and management of renewable energy facilities in Japan since its foundation in 2004 and is one of the largest onshore and offshore wind platforms by combined capacity in Japan.
GPI currently owns and operates 6 renewable energy projects totaling 337 MW, and has two projects under construction totaling 192 MW. In 2020, GPI completed the 122MW Wind Farm Tsugaru, the then-largest onshore wind power plant in Japan.
Recently, on May 11, 2023, GPI started commercial operations of the 113MW Sumita Tono Wind Farm, and having been engaged in offshore wind power generation since 2007, GPI is now constructing the 112MW Ishikari Bay New Port offshore wind farm in Hokkaido.
The acquisition will allow the three companies to take advantage of the expertise, knowledge and capabilities in renewable energy development and construction in Japan. Three companies will cooperate with each other to further enhance the corporate value of GPI utilising resources of NTT particularly for onshore wind and of JERA for offshore wind power generation.
Commenting on the agreement, Teruyuki Kishimoto, Representative Director and President, NTT Anode Energy said: “We aim to contribute to the realisation of a circular economy society which is proposed as a goal in the Medium-Term Management Strategy by expanding the renewable energy power generation businesses through supporting GPI’s rich pipeline of projects with JERA.”