Japanese utility Electric Power Development Co Ltd (J-Power) has finalized its acquisition of Genex Power Ltd, valuing the Australian renewables and energy storage firm at approximately AUD 1.04 billion (USD 680 million/EUR 630 million), including debt.
Following the completion of the transaction, Genex Power's shares were delisted from the Australian stock exchange on Thursday.
Under the agreement, which was established in April, J-Power, already a minority shareholder, agreed to purchase Genex shares at AUD 0.275 each in cash.
Genex Power boasts a portfolio of power generation and storage projects in Australia exceeding AUD 1 billion.
Recently, Genex completed the refinancing of its existing debt related to two solar projects: the 50-MW Kidston site and the 50-MW Jemalong facility, located in Queensland and New South Wales, respectively.
