J-POWER Acquires 10% Stake of Australia's Genex Power

PVTIME - Electric Power Development Co., Ltd. (headquartered in Chuo-ku, Tokyo; Toshifumi Watanabe, President, “J-POWER”) has acquired a 10% stake in Genex Power Limited(“Genex”), which is a renewable power generation and energy storage development company listed on the Australian Securities Exchange(“ASX”), through our subsidiary in Australia, JPGA Partners Pty Ltd.
J-POWER has been expanding renewable energy projects with Genex based on the Technical Services Agreement to support the construction and operation of the pumped storage hydropower plant (Announced on 3rd of Aug 2020) and the Development Funding Agreement for a new wind power project (Announced on 27th of Nov 2020).
By this acquisition, J-POWER aims to expand further renewable power generation and energy storage projects with Genex across Australia, where the share of renewable energy has been growing, with our knowledge and technical capabilities.
J-POWER has a vision of accelerating the expansion of renewable energy, as one of the actions from “J-POWER “BLUE MISSION2050” (Announced on 26thof Feb 2021) for the challenge of achieving carbon neutral and hydrogen society in 2050. In the Mission, J-POWER has targeted to develop 1,500MW or more renewable power generation capacity by FY2025 compared to FY2017(Announced on 30th of Apr 2021).
J-POWER continues to pursue overseas growth of renewable energy to realize a sustainable society.