NTT Anode Energy and JERA to Acquire Green Power Investment2023/05/18

NTT Anode Energy Corporation^*1(“NTT Anode Energy”) and JERA Co., Inc. ^*2 (“JERA”) concluded an agreement with Pattern Energy Group LP^*3 (“Pattern Energy”), a US renewable energy company, for the joint acquisition of Green Power Investment Corporation (“GPI”) and other renewable energy businesses in Japan that are currently owned by Pattern Energy. The transaction is expected to complete by the end of 2023, after all the required procedures are finished.

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, 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 in the 112MW Ishikari Bay New Port offshore wind farm in Hokkaido.

Energy is the base of modern society, and both NTT Anode Energy and JERA have as core operation energy businesses. Amidst rising expectations in Japan for use of renewable energy toward the carbon neutral society in 2050, both companies strongly support GPI’s mission to “Realize the sustainable environment and society that people can continue to live in through wide use of renewable energy,” and with its philosophy to “Think of the future of the region together with people in the region.” The two companies will respect and retain the mission that GPI has fostered over years about the renewable energy business, as well as GPI’s attitude to cherish relationships with the regions.

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 utilizing resources of NTT Anode Energy particularly for onshore wind and of JERA for the offshore wind power generation.

In order to realize the circular economy society that the NTT Group seeks to achieve in the new Middle-term Management Strategy “New value creation & Sustainability 2027 powered by IOWN,” ^*4 NTT Anode Energy will expand the renewable energy power generation businesses, and at the same time, will promote economic activities that are friendly to Earth by providing a stable and reliable supply of electric power that is optimized and streamlined for local consumption.
JERA has the vision “To scale up its clean energy platform of renewables and low greenhouse gas thermal power, sparking sustainable development in Asia and around the world.” With the acquisition of GPI, JERA will further accelerate development of renewable energy, including offshore wind power generation in Japan.

Summary of GPI
・Representative: Mitsuru Sakaki, Representative Director and President
・Head Office Location: Akasaka, Minato-ku, Tokyo
・Founded: September 1, 2004
・No. of Employees: About 200
・Businesses: Development, construction and operations of renewable energy facilities, etc.

Business Assets Acquired through Corporate Acquisition (incl. Assets Attributable to Other Companies)

Courtesy of Green Power Investment Corporation