Infroneer, the parent company of Maeda Corporation and Japan Wind Development, is planning to acquire and delist the TSE Prime-listed Sumitomo Mitsui Construction, it announced on May 14, 2025.
According to the statement, Infroneer will run a tender offer to reach at least a two-thirds stake in the company, subject to antitrust review in the Philippines and other conditions. It tentatively plans to launch the offer in July 2025, targeting a late-August or early-September completion. The company aims to begin integration procedures in December 2025 and make Sumitomo Mitsui Construction part of Infroneer Group from January 2026.
Sumitomo Mitsui Construction is expected to retain its brand and operate alongside other group companies.
If completed, the acquisition would allow Infroneer to expand its core civil engineering and construction business footprint amid a staff shortage caused by aging and revised overtime regulations. It would also allow the companies to gain further scale, which could be leveraged in negotiations with suppliers to mitigate rising material and equipment costs and tight supply.
According to a briefing by Sumitomo Mitsui Construction, the transaction would also allow it to shift from “developing renewable energy business centered on floating solar power generation” to “expanding business by sharing Infroneer’s knowledge and management resources in the renewable energy business.”
Both Maeda Construction and Japan Wind Development have extensive power infrastructure-related activities. In addition to offering engineering, construction, and procurement (EPC) services, the former develops biomass power plants and, more recently, grid-scale battery storage facilities. Since its founding in 1999, the latter has developed over 550MW of operational wind projects, amounting to about 10% of the 5.84GW 2024 estimated total.
In its Medium-term Vision 2027 from April 2025, Infroneer positioned standalone and co-located battery storage as its fastest growing business segment.
With its recent commissioning of its first FIP floating power plant, Sumitomo Mitsui Construction expanded its operational solar portfolio to 10 projects. In its 2022-2024 medium-term plan, it aimed to grow its renewable capacity to 40MW by 2024 and 150MW by 2030. Its FY2024 annual report and METI FIT/FIP ID data suggest the company fell short of the 2024 target. Separately from development, it has also worked on the construction of several utility-scale projects.
