Toyota Tsusho Corporation has agreed to buy an 85 per cent stake in Japan-based renewable energy developer SB Energy, a subsidiary of SoftBank Group. The transaction will benefit both the companies with respect to their clean energy businesses. Both companies agreed to work together to develop renewable energy and electric power supply-demand adjustments, among other measures to achieve carbon neutrality in their respective operations. SB Energy will become a subsidiary of Tsusho Corporation with an 85 per cent stock ownership ratio and an affiliate of SBG with a 15 per cent stock ownership ratio once the transaction is completed.
Tsusho Corporation is growing tremendously its clean energy business through its subsidiary Eurus Energy Holdings Corporation, a wind power generator in Japan with a renewable generation capacity of approximately 3.7 GW as of December 2022, including over 3 GW of wind power and 350 MW of solar power.
In September 2022, Pattern Energy Group and its Japanese affiliate, Green Power Investment Corporation obtained financing for the 112 MW Ishikari offshore wind farm and battery storage project. The offshore facility in Hokkaido, Japan, will have a battery storage component with a capacity of 100MW/180MWh and be situated around 3 km from Ishikari Bay. The project was funded by MUFG Bank together with subsidiaries of Sumitomo Mitsui Financial Group and Sumitomo Mitsui Trust Holdings.