Parties describe it as a significant step toward renewable energy capabilities in Australia
MinterEllison has played a pivotal role in the recent acquisition of Genex Power Limited by Electric Power Development Co., Ltd. (J-POWER), a transaction valued at $381 million with an enterprise value of $1,035 million. This deal was completed through a scheme of arrangement, marking a significant advancement in the renewable energy sector.
The acquisition strategy was designed to integrate J-POWER, a prominent Japanese electricity utility, with Genex, an Australian developer of renewable energy projects. Genex is renowned for its diverse portfolio, including the innovative Kidston Clean Energy Hub in North Queensland. This hub features notable projects such as a 50MW solar project and a 250MW pumped storage hydro project—the first of its kind in over 40 years.
The legal orchestration by MinterEllison involved a dual-track scheme of arrangement complemented by an off-market takeover offer, a contingency that was ultimately unnecessary due to the scheme's approval by Genex shareholders and the New South Wales Supreme Court in July 2024.
Partners Geread Dooley and Con Boulougouris led the specialized team. Such a dual-structure transaction has only been employed eight times in Australian public markets.
"We're thrilled to have advised J-POWER on this strategic acquisition. This is only the eighth time the dual track scheme/takeover transaction structure has been deployed in Australian public markets, and we're proud to have helped J-POWER make its successful acquisition of Genex using this innovative deal structure,” Boulougouris said.
"Japanese investment has been welcome in Australia for a long time and has been critical to Australia's growth. The J-POWER-Genex transaction also demonstrates that Japanese investment in Australia will also be critical for Australia in achieving its energy transition ambitions. The Renewables team at MinterEllison has been delighted to assist J-POWER in this important transaction,” Dooley said.
