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Japan oil giant ENEOS to buy renewables startup for $1.7bn

JRE acquisition marks industry's shift to decarbonization amid climate threat

A JRE wind farm in Sakata, Yamagata prefecture: JRE is already developing offshore wind farms off Japan. (Source photo by AP and Ken Kobayashi)

TOKYO -- Japanese oil giant Eneos Holdings is preparing to acquire Tokyo-based Japan Renewable Energy for over 200 billion yen ($1.7 billion), Nikkei has learned, a move that shows the pressure companies are under to act on climate change and decarbonize.

Eneos will purchase all shares from the startup's owners, Goldman Sachs of the U.S. and GIC, a Singapore sovereign wealth fund. The oil company is hammering out details with Goldman and plans to make an announcement as early as next week.

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