Eneos to buy Japan Renewable Energy

Major Japanese oil wholesaler Eneos says it will buy Japan Renewable Energy for about 200 billion yen, or nearly 1.8 billion dollars.

Eneos plans to bring the renewable energy company under its umbrella by late January next year by acquiring all the company's stock from its current shareholders, including US financial firm Goldman Sachs.

Japan Renewable Energy operates solar and wind-power generation facilities in Japan and Taiwan.

The acquisition is expected to increase Eneos's total renewable energy generation capacity to more than 1.2 million kilowatts.

The move comes at a time when the industry is facing difficulty attracting new investment amid a global shift away from fossil fuels.

Eneos hopes that the acquisition will help it secure a new source of revenue.

Inoue Keitaro, an Eneos executive, told reporters that the firm's middle- and long-term goal is to build a stable power distribution network for renewable energy, by making use of batteries and other technologies.