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Bloomberg
Goldman Sachs Group Inc. is exploring a sale of its majority stake in Japan Renewable Energy Corp. that could raise about $2.5 billion.
Goldman is working with financial advisers on the potential sale of its 75% stake in Japan Renewable, the people said, asking not to be identified because the matter is private. The sale has drawn preliminary interest from buyers including other renewable companies, infrastructure and pension funds.
Discussions are ongoing and the owner could still decide against a sale, the people said. A representative for Goldman declined to comment.
Goldman created Japan Renewable in 2012, piling into investing in clean energy after the Fukushima disaster the year before prompted the government to pledge a reduction in the country’s dependence on nuclear power. Japan Renewable’s businesses range from solar and wind power generation to biomass plants across Japan, according to its website. Singapore’s sovereign wealth fund GIC Pte. invested an undisclosed amount in 2017 and became a
minority shareholder.
The Japan Renewable stake sale comes as another Goldman-backed clean energy player is looking to go public in the U.S. ReNew Power, India’s biggest renewable power producer, last month agreed to merge with a blank-check company at an enterprise value of about $8 billion.