SINGAPORE - Singapore's sovereign wealth fund GIC announced on Friday (Oct 20) its entry into Japan's infrastructure and renewable energy sector by investing in Japan Renewable Energy Corporation (JRE).
It said a GIC affiliate has become a corporate partner in JRE's parent, GS Renewable Holdings GK.
JRE, which was founded in August 2012, develops, constructs and operates renewable energy power plants. These include solar, wind and biomass energy power plants located across Japan. It currently operates 34 power plants with a total capacity of approximately 210MW, with approximately 170MW of new plants under construction.
JRE CEO Kazuhiro Takeuchi said the company will use GIC's investment as an opportunity to accelerate expansion of its business and become the industry leader.
Ang Eng Seng, CIO of infrastructure at GIC, said JRE was a leading diversified independent power producer in Japan's renewable energy sector.
"We look forward to supporting the company's growth plan alongside our partner Goldman Sachs to generate stable and sustainable returns," he added.