Aerial shot of the Kidston Pumped Storage Hydro
Aerial photo of the Kidston Pumped Storage Hydro

Infrastructure

Advising on the acquisition and take-private of Australia’s largest listed renewable energy developer

Macquarie Capital acted as financial adviser to J-POWER on its acquisition and take-private of Genex Power via a scheme of arrangement for a total Enterprise Value of $A1.035 billion

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Sector Infrastructure
Sub-sector Renewables
Location Asia-Pacific

Opportunity

With an enterprise value of over $A1 billion, Genex was Australia’s only listed pure-play renewables developer.1

With plans to triple the capacity of its portfolio over the next two to three years, the business required greater and more frequent access to capital than could be accommodated by listed markets and had attracted interest from infrastructure investors and strategics, including a failed takeover attempt by another party in 2022.

J-POWER originally owned ~7.7 per cent of Genex listed stock and were co-developers on several key projects, highlighting J-POWER’s commitment to developing renewable energy projects in Australia and making it the logical capital provider via an acquisition of Genex.


Approach

Macquarie Capital’s innovative approach enabled J-POWER to gain Board support, navigate a complex register and mitigate interloper risk.

This concurrent scheme of arrangement and takeover bid dual structure has only been successful on a limited number of transactions, highlighting the complexity and uniqueness of the deal.

Given the cross-border nature of the deal, Macquarie Capital provided strong coverage in Japan and Australia via an experienced multi-disciplinary team of renewables and storage sector specialists, and helped accelerate the due diligence phase and navigate complex regulatory approvals.

Macquarie Capital also leveraged its global team and accessed insights from its product specialists, including consultation with its Debt Capital Markets team on Genex’s existing debt portfolio and its Equity Capital Markets team with respect to register analysis and investor profiling, to anticipate investor reactions.

Outcome

The landmark transaction secured a high-quality renewable operating and development platform and management team for J-POWER.

This included 400 MW of operating and late-stage construction projects across solar, battery and the first non-government pumped hydro energy storage system in 40 years, as well as ownership of a development pipeline of generation and storage projects of more than 2.3 GW.2

The transaction provides a step-change in growth of J-POWER’s Australian renewable generation presence and development pipeline, beneficial to Australia’s electricity market and energy transition.

Innovative

dual structure approach

1st

non-government pumped hydro energy storage system in 40 years2

400 MW

of operating and late-stage construction projects2

Multi award-winning transaction

Renewable Acquisition of the Year, APAC & Energy Transition Acquisition of the Year, APAC – IJInvestor Awards 20243

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