Singapore and Tokyo, 20 October 2017 – GIC Private Limited (“GIC”), Singapore’s sovereign wealth fund, and Japan Renewable Energy Corporation (“JRE”; headquartered in Minato Ward, Tokyo; Kazuhiro Takeuchi, CEO) today announced the entry of an affiliate of GIC, as a corporate partner in GS Renewable Holdings GK, the parent company of JRE. This is GIC’s first investment in Japan’s infrastructure and renewable energy sector.
JRE, founded in August 2012, develops, constructs and operates renewable energy power plants. These include solar, wind and biomass energy power plants located across Japan. JRE currently operates 34 power plants with a total capacity of approximately 210MW, with approximately 170MW of new plants under construction.
Kazuhiro Takeuchi, CEO of JRE, commented: “We sincerely welcome GIC, which is a world renowned sovereign wealth fund. We see GIC’s investment as testament to the potential of Japanese renewable energy market and JRE’s growth strategy. We will take this opportunity to accelerate expansion of our business and to become the industry leader.”
Ang Eng Seng, CIO of Infrastructure at GIC, commented: “We are very pleased to become an investor in JRE, a platform with an experienced management team that has established the company as a leading diversified Independent Power Producer in Japan’s renewable energy sector. We look forward to supporting the company’s growth plan alongside our partner Goldman Sachs to generate stable and sustainable returns.”