JERA, Japan’s largest power generation, has set up a London arm focusing on the company’s global renewable energy development, aiming to scale up its low-carbon assets and achieve decarbonization goals, as reported by Reuters on April 15. The new department, named JERA NEX, will be responsible for the development, investment, acquisition, and operation of renewable energy projects, including onshore and offshore wind, solar power, and battery storage. The unit will start with a 3-gigawatt (GW) portfolio of renewable assets, with an aim to expand its renewable energycapacity to 20 GW by 2035. The department plans to achieve this target through selected acquisitions, partnerships, and developing projects independently.

The new department follows a series of renewable energy transactions sealed by JERA. In July 2023, the Japanese company completed the acquisition of Belgian offshore wind company Parkwind with EUR1.55bn, adding 1.02GW of offshore wind capacity to its renewable energy portfolio. Domestically, JERA and Nippon Telegraph and Telephone (NTT) [9432:JP]agreed last year to purchase Japan’s top wind power developer, Green Power Investment (GPI), for USD2.18bn. The extensive expansion of renewable assets aligns with JERA’s commitment to achieving net-zero carbon dioxide (CO2) emissions from its business,both in Japan and overseas, by 2050.

Sources:

https://www.reuters.com/business/energy/japans-jera-creates-global-renewables-focused-unit-britain-2024-04-15/

https://asia.nikkei.com/Business/Business-deals/NTT-JERA-plan-Japan-s-largest-acquisition-in-renewables

https://www.power-technology.com/news/jera-acquire-belgian-parkwind/

https://www.jera.co.jp/en/news/information/20220512_902