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J-Power launches $249m Genex takeover bid

RICHARD HEAP

March 4, 2024

Japanese utility J-Power has launched a $249m takeover bid for Australian renewables developer Genex Power, in which it currently owns a 7.7% stake.

Genex confirmed today that J-Power has launched a bid for all remaining Genex shares in a deal worth A$381m ($249m). Genex’s assets include the Kidston Clean Energy Hub, which it is developing in a 50:50 joint venture with J-Power and which includes a 258MW wind farm in development and a 250MW pumped hydro storage project under construction;.

Genex’s other assets include the 50MW / 100MWh Bouldercombe battery project, and the 50MW Jemalong solar project.

The proposed takeover is subject to the approval of Genex shareholders.