Singapore’s GIC Teams Up With Goldman on Japan Clean Energy

Singapore’s sovereign wealth fund is teaming up with a company created by Goldman Sachs Group Inc. to make its first-ever investments in renewable-energy projects in Japan.

The fund, GIC Pte, will become a corporate partner in GS Renewable Holdings GK, the parent of Japan Renewable Energy Corp., the companies said in a statement Friday. Terms of the transaction weren’t disclosed.

JRE develops and operates solar, wind, biomass and other clean-energy projects in Japan. It runs 34 power plants with a combined capacity of about 210 megawatts, and has 170 megawatts of new projects under construction, according to the statement.

“We see GIC’s investment as a testament to the potential of the Japanese renewable-energy market and JRE’s growth strategy,” JRE Chief Executive Officer Kazuhiro Takeuchi said in the statement.

Source: Bloomberg