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GIC invests in Goldman Sachs-owned Japan Renewable Energy

Singaporean sovereign wealth fund enters Japanese infrastructure market, diversifies portfolio

SINGAPORE -- Singaporean sovereign wealth fund GIC has made its first investment into infrastructure assets in Japan, announcing Friday that it had bought stakes in the parent company of Japan Renewable Energy for an undisclosed sum. The deal is an extension of GIC's increasing interest in the renewable energy sector, as the fund diversifies its portfolio into this growth area.

The deal, worth less than 10 billion yen ($89 million) according to a source, saw GIC buying minority stakes of GS Renewable Holdings GK, the parent of Japan Renewable Energy, which owns and operates 34 clean energy power plants throughout Japan. The seller is MA Platform, the investment company of Akira Mori, chairman of real estate developer Mori Trust. Goldman Sachs continues to own majority stakes in GS Renewable Holdings GK.

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