Japanese firm Toyota Tsusho, a division of the Toyota Group, has agreed to acquire an 85% stake in SoftBank Group’s (SBG) subsidiary, SB Energy.
The financial details of the deal have not been disclosed.
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Following the deal, SBG will continue its association with SB Energy and will hold the remaining 15% stake in the business.
The company created SB Energy in October 2011 in response to the Great East Japan Earthquake, which took place on 11 March that year.
SB Energy director and chairman Masayoshi Son said: “The Great East Japan Earthquake has driven us to establish SB Energy to build a model case for the promotion of renewable energy and also contribute to an increase in the volume of renewable energy.
“We are delighted to work with Toyota Tsusho, a leading company in the industry, to take the promotion of renewable energy to the next level toward further growth in the future.”
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By GlobalDataSince its foundation, SB Energy has developed and operated a total of 773MW of clean energy capacity in Japan.
Solar assets account for 667.1MW of this portfolio, while 55.9MW of the capacity is in wind projects.
SB Energy has also developed 50MW of wind power in the Gobi Desert, Mongolia.
Toyota Tsusho said it expects SB Energy to help it become one of the largest wind and solar power generators in Japan.
The company has been expanding its presence in Japan’s renewable segment through its subsidiary Eurus Energy, which is the country’s largest wind power generator.
Toyota Tsusho president and CEO Ichiro Kashitani said: “I am confident that SB Energy’s expertise in advanced efforts will provide us (with) the opportunity to further promote our carbon neutrality efforts in an unparalleled way.
“The Toyota Tsusho Group will continue to contribute to the realisation of a decarbonized society to pass on a better global environment to future generations.”
