Infroneer to buy Japan Wind Development from Bain Capital for $1.37 billion – Nikkei

(Reuters) -Japan’s Infroneer Holdings plans to buy wind power company Japan Wind Development from U.S. private equity firm Bain Capital for about 200 billion yen ($1.37 billion), Nikkei Asia reported on Tuesday.

The deal will provide the civil engineering group an avenue to expand its construction and maintenance business in the wind power sector, according to the Nikkei, as the country looks to reduce carbon emissions.

Infroneer said in a statement it was not the source of the Nikkei report, but its board would discuss the matter at a meeting on Tuesday.

Bain Capital did not immediately respond to a request for comment.

Infroneer has said it would focus on the renewable energy market as part of its medium-term business plan ending fiscal 2024, according to the Nikkei report.

The company developed an onshore wind farm in northern Japan’s Akita prefecture and sold the project to an investment fund in 2022, the Nikkei reported.

($1 = 146.1300 yen)

(Reporting by Archishma Iyer in Bengaluru, Kane Wu in Hong Kong, Kaori Kaneko and Rocky Swift in Tokyo; Editing by Maju Samuel and Shri Navaratnam)