According to The Australian Financial Review, J-Power, one of Japan’s largest energy utilities, has lobbed a $375 million bid to buy Queensland renewables developer Genex Power, 14 months after Scott Farquhar’s Skip Capital and Stonepeak Partners walked away from their own takeover proposal.
Shares in Genex, Australia’s only listed pure-play renewables developer, surged as much as 32 per cent on news of the move, the latest in a string of deals between major Japanese groups and local energy companies. While agreements have historically focused primarily on Australia’s natural gas and coal sectors, clean energy has shot up the investment agenda. J-Power already owns 7.72 per cent of Genex and is a lender to the company, whose biggest project is the $777 million Kidston pumped hydro venture in Queensland. It is also Genex’s 50 per cent partner in the Kidston Stage 3 wind and Bulli Creek solar and battery projects in northern Queensland. https://www.afr.com/policy/energy-and-climate/japanese-utilities-giant-lobs-genex-takeover-bid-with-50pc-premium-20240304-p5f9ho
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