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JERA and NTT Engage in Joint Acquisition

Green Power Investment Corporation (GPI), the Japan-based operator of a chain of renewable energy power plants and projects, has reached an agreement to be acquired by NTT Anode Energy, a wholly owned subsidiary of Japanese listed telecommunications company Nippon Telegraph & Telephone (TKS: 9432), and JERA, Japan’s largest power generation company. Consideration for the deal is $2.18 billion.

This deal represents a full exit for Pattern Energy Group LP, the US-based energy company that was the majority shareholder of GPI. The agreement will also include any other renewable energy assets in Japan that are currently owned by Pattern Energy.

GPI currently operates 6 renewable energy projects totalling 337MW, with two projects in construction which will add a further 192 MW. The acquisition represents strong synergies with expertise coming from three energy powerhouses in Japan, in particular NTT’s onshore expertise, and JERA’s offshore, both of which will be well utilised by GPI.

JERA have been active acquiring in the space, having recently reached agreement to acquire Belgium-based offshore wind developer Parkwind, so the acquisition of GPI strengthens their offering and aligns with their strong growth strategy. For NTT, this acquisition further strengthens their renewable energy business, which will accelerate the wider NTT Group’s sustainability strategy as a leading telecommunications provider in Japan, providing reliable, stable, and environmentally friendly power.

Representative Director, Chairman, and Global CEO of JERA, Yukio Kani said, “Through GPI, we together with NTT Anode Energy will expand renewable energy businesses in Japan. Also, we will create synergies in offshore wind power businesses as part of our global strategy. Furthermore, we expect to strengthen our relationship with NTT group in the future.”

Representative Director and President of NTT Anode Energy, Teruyuki Kishimoto said, “We aim to contribute to the realization 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.”

Written by: Jack Clemmey

Sources: JERA, Riviera, NTT, Pitchbook

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