RENOVA, Inc. (TSE:9519) agreed to acquire an additional 30.8% stake in Karumai East Solar T.K. from NEC Capital Solutions Limited (TSE:8793), Fuyo General Lease Co., Ltd. (TSE:8424) and Sumitomo Mitsui Finance and Leasing Company, Limited for ¥1 billion on November 1, 2019. The parties concluded an agreement on transfer of equity interest on December 2, 2019. Post completion, RENOVA, Inc will hold 69.25% stake in Karumai East Solar T.K. and it will become subsidiary of RENOVA, Inc. For the period ended March 31, 2019, in Karumai East Solar T.K. has reported net assets of ¥0 million, total assets of ¥23.11 billion, operating profit, ordinary profit and profit of ¥0 million each. Agreement is scheduled to conclude on December 2, 2019 along with completion expected on December 2, 2019.

RENOVA, Inc. (TSE:9519) completed the acquisition of an additional 30.8% stake in Karumai East Solar T.K. from NEC Capital Solutions Limited (TSE:8793), Fuyo General Lease Co., Ltd. (TSE:8424) and Sumitomo Mitsui Finance and Leasing Company, Limited on December 2, 2019. Post completion, each of the sellers holds 10.25% stake in Karumai East Solar.