• Cabot Corporation (NYSE: CBT) has acquired the Chiba solar farm from Shoko Co., Ltd., for an undisclosed sum.

• The acquired solar farm is next to Cabot’s carbon black manufacturing facility in Chiba, Japan. It will enable Cabot to export solar power as renewable energy to the electrical grid in the region.

• The Chiba solar farm generates up to 3,500 megawatt-hours (MWh) per year of electricity, equivalent to powering over 700 homes in Japan annually.

• This acquisition has increased CBT’s energy ratio, or the amount of energy exported over imported, to 233%, a step forward in achieving Cabot’s overall 2025 energy goal.

• Cabot held cash and equivalents of $190 million as of Dec. 31, 2022.

• Price Action: CBT shares traded lower by 0.36% at $74.33 on the last check Thursday.

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This article Cabot Acquires Solar Farm In Japan, Advancing Its Sustainability Agenda originally appeared on Benzinga.com

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