Goldman Sachs Group Inc. is exploring a sale of its majority stake in

Japan Renewable Energy Corp. that could raise about $2.5 billion, according to people familiar with the matter.

Goldman is working with financial advisers on the potential sale of its 75% stake in Japan Renewable, the people said, asking not to be identified because the matter is private. The sale has drawn preliminary interest from buyers including other renewable companies, infrastructure and pension funds, the people said.

Discussions are ongoing and the owner could still decide against a sale, the people said. A representative for Goldman declined to comment.

Goldman created Japan Renewable in 2012,

piling into investing in clean energy after the Fukushima disaster the year before prompted the government to pledge a reduction in the countrys dependence on nuclear power. Japan Renewables businesses range from solar and wind power generation to biomass plants across Japan, according to its

website. Singapores sovereign wealth fund GIC Pte.

invested an undisclosed amount in 2017 and became a minority shareholder.

The Japan Renewable stake sale comes as another Goldman-backed clean energy player is looking to go public in the U.S. ReNew Power, Indias biggest renewable power producer, last month

agreed to merge with a blank-check company at an enterprise value of about $8 billion.

(Adds more details about Japan Renewable in fourth paragraph.)

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