Toyota Tsusho, a division of Japanese group Toyota, has concluded the acquisition of a 85% stake in SoftBank Group’s renewables unit SB Energy.
SB Energy has now become a subsidiary of Toyota Tsusho and rebranded as Terras Energy. SoftBank retains the remaining 15% stake in the business.
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Terras Energy is expected to become one of Japan’s largest power producers in wind and solar with nearly 4.5GW of capacity. This includes 3.18GW in wind and 1.02GW in solar power.
The deal, whose financial terms were not shared, was signed in February this year.
Its aim was to maximise synergies in renewable energy businesses of both the firms.
Toyota Tsusho plans to put Terras Energy’s renewable technologies to use by speeding up the creation of new businesses to promote carbon neutral initiatives and technological advancements in the renewable energy space.
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By GlobalDataBesides, Toyota Tsusho and SoftBank plan to work on joint development of renewable energy, electric power supply and demand adjustment with a target to reach carbon neutrality.
The acquisition is in line with Toyota Tsusho’s aim to cut down greenhouse gas emissions by 50% from its 2019 level by 2030 and attain carbon neutrality by 2050.
SB Energy was set up in 2011 in response to the earthquake that hit Japan, resulting in the Fukushima nuclear disaster.
Since then, the company has been building and operating renewable energy projects including wind and solar in Japan, Mongolia and the US.
