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Toyota Tsusho, a unit of Japan’s Toyota Group, has agreed to buy an 85% stake in Japanese renewable energy developer SB Energy from SoftBank.
“SB Energy will become a subsidiary of Toyota Tsusho, with 85% stock ownership ratio and an affiliate of Softbank with 15% stock ownership ratio,” SoftBank said in a statement, without revealing the financial terms of the deal. “[We] will explore collaborative efforts among their group companies in the renewable energy businesses, such as joint development of renewable energy, electric power supply and demand adjustment, and so on, aiming toward achieving carbon neutrality.”
SB Energy currently owns and operates 773 MW of renewable energy assets in Japan, including 667.1 MW of solar power and 55.9 MW of wind power. This portfolio will add to that of Toyota’s unit Eurus Energy unit.
“With SB Energy joining under Toyota Tsusho’s umbrella, the Toyota Tsusho Group will become one of Japan’s largest power generators not only in wind power but also in solar power,” said SoftBank.
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Source: pv magazine