A global renewable energy company Enfinity Global Inc. announced the acquisition of a 250 MW solar photovoltaic portfolio in Japan.
The acquisition was completed with an enterprise value of $1 billion.
The latest development is regarded as a milestone in Enfinity Global's platform in Japan paving the way for further expansion.
According to the company, this "acquisition includes three operational large-scale solar power plants, and five projects which are currently under construction."
With the current addition, Enfinity Global's platform in Japan stands at 281 MW, which are spread across nine owned and managed projects.
Carlos Domenech, CEO of Enfinity Global, commented, "The acquisition of this portfolio consolidates Enfinity's positioning as one of the leaders in Japan's renewable market. We believe the market will grow significantly to support Japan's ambitious 2050 decarbonization target."
It has been informed that PAG, one of the largest investment firms in Asia, has also been a partner in the investment.
Currently, Japan ranks in the 6th position in cumulative installed renewable power capacity worldwide. It has pledged to achieve carbon neutrality by 2050.