Japan's Electric Power Development (J-Power) on Monday lodged a 380.9 million Australian dollar (¥37.3 billion) bid for Australian renewable energy firm Genex Power, as Japan's appetite for overseas acquisitions rapidly grows.

Genex shares surged nearly 38% in early trade on Monday to AU$0.255, a more than three-year high. The broader S&P/ASX200 was up 0.2%.

The AU$0.275 per share offer represents a 48.6% premium on its last close from Friday.