Bain Capital Sells Japan Wind Development to Infroneer for $1.4bn

Japanese civil engineering group Infroneer Holdings said on Tuesday it would buy Japan Wind Development from Bain Capital for about $1.4bn – an acquistion that will expand its renewable energy business.

Japan Wind Development says it operates 293 wind turbines, the vast majority in Japan, with a combined generation capacity of 570,850 kilowatt hours. It is the country’s market leader for maintenance of wind power generators, Infroneer said.

The deal is expected to close in late January.

The sale was made through a competitive bidding process, a person familiar with the matter said, declining to be identified.

Bain Capital, which led a management buyout of Japan Wind Development in 2015 for $1.5bn, declined to comment.

Reports of the acquisition costs sent shares in Infroneer sliding 6% on Tuesday. Renewable assets have become increasingly attractive as Japan seeks to transition to a zero-emission economy.

Mergers and acquisitions involving Japanese companies in the renewable energy sector have climbed more than eight times to $1.8bn for the year to date from the same period a year earlier, marking the highest level since 2019, LSEG data showed. The number of deals at 28 is a record high.

Infroneer has worked on two wind farms in northern Japan which have since been sold.

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Infroneer Holdings is a Japanese comprehensive infrastructure services company founded in 2021. It provides a wide range of services, including planning, design, construction, operation, and maintenance of infrastructure. The company also manufactures and sells construction machinery, and asphalt mixture, emulsion, and other materials. Infroneer has a strong track record of delivering high-quality infrastructure projects, and is committed to sustainability and innovation.

Japan Wind Development Co., Ltd. is a Japanese company specializing in the development, construction, and operation of wind farms. Founded in 1999, the company has played a significant role in the growth of wind power in Japan.

Source: Reuters

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