The IJInvestor Award for Energy Transition Acquisition of the Year in APAC was awarded to J-Power’s acquisition of Australia’s Genex, with judges lauding the Japanese company’s commitment to moving away from coal-fired to renewable energy production.  

One judge said: “It is a complex transaction that is impactful as having direct impact on Australia’s energy mix away from fossils and providing an important storage component paving the way for future diversification.” 

While another said: “Interesting transaction, with cross-border elements, tactical approach, compliance with the FIRB. The fit between buyer and seller very good, each bringing their expertise. A demonstrable further step towards the decarbonization of Australia.” 

Japan’s J-Power, which already owned a 7.7% stake in Genex, in April 2024 entered into a binding agreement to acquire the rest of Genex for an enterprise value of A$1.04 billion ($690m).  

The scheme was unanimously recommended by the Genex Board and Genex shareholders received A$0.275 per share in cash, representing a 49% premium to the last undisturbed closing price on 1 March 2024 of A$0.185 per share. 

The deal forms part of the Japanese company’s efforts to boost its renewable energy assets, including overseas, by 1.5 gigawatts by end-March 2026  

J-Power is Japan's major power generator with many coal-fired power plants and hydroelectric facilities 

Meanwhile, Genex is the largest listed renewable energy generation and storage asset developer in Australia and the first non-Government entity to develop a pumped hydro energy storage (PHES) system in 40 years.  

J-Power is a joint owner and developer of Genex's Kidston wind project and Bulli Creek clean energy project, which are both in the Australian state of Queensland. 

The deal, however, had to overcome complexities including other large minority shareholders and the legacy of a failed takeover attempt by another party in 2022. The transaction also required approval from Australia’s Foreign Investment Review Board (FIRB) as it included critical infrastructure.  

One judge concluded: “Very interesting transaction, with a carefully executed acquisition strategy.” 

Advisers to Genex: 

• Goldman Sachs – financial
• Gilbert + Tobin – legal 

Adviser to J-Power: 

• Macquarie Capital – financial
• MinterEllison – legal