Genex Power Limited acquisition update

Genex Power Limited (ASX: $GNX) has received written notice from J-POWER Nominee, a wholly-owned subsidiary of Electric Power Development Co., Ltd., confirming the satisfaction of the Scheme Condition and Takeover Condition for the proposed acquisition by J-POWER. The Foreign Investment Review Board (FIRB) has provided written notice to J-POWER, indicating that the Commonwealth has no objections to the Transaction.

Executive commentary on acquisition approval

J-POWER Nominee has confirmed the satisfaction of the Scheme Condition and Takeover Condition, signifying a significant step towards the proposed acquisition of Genex Power Limited. The receipt of FIRB approval further paves the way for the completion of the Transaction, subject to the fulfilment of other Scheme and Takeover Conditions as outlined in the Transaction Booklet.

Summary of acquisition approval and outlook

The receipt of FIRB approval for the proposed acquisition by J-POWER marks a crucial milestone for Genex Power Limited. With the Scheme Condition and Takeover Condition satisfied, the Company is progressing towards the completion of the acquisition. Genex's portfolio of renewable energy generation and storage projects, including the flagship Kidston Clean Energy Hub, positions the Company as a key player in Australia's renewable energy sector. The support of key Federal and State Government stakeholders further strengthens Genex's position in achieving its strategic goals. The outlook remains optimistic as Genex continues to advance its renewable energy and storage projects, aiming to solidify its position as a leading renewable energy company in Australia.