General – business
Japan’s biggest refiner, Eneos, said on Monday it would buy Japan Renewable Energy (JRE) for about $1.8 billion to expand its low-carbon business.
It said the deal, which marks the first big purchase of a renewables firm by a top Japanese oil company, would help it meet its target of having over 1,000 megawatts (MW) of renewables in Japan and abroad by March 2023.
Japan’s oil companies have ventured more into the renewables sector, much like their overseas peers such as Royal Dutch Shell (RDSa.L), especially after Tokyo vowed to cut down more emissions earlier this year.
“As the world moves toward a decarbonized and circular society, this acquisition will mark a key turning point to fundamentally transform our business structure,” said Keitaro Inoue, Eneos’ senior vice president.