Mitsubishi Corporation Announces First Solar Power Project in France
Tokyo, Jan 7, 2013 - (JCN Newswire) - Continuing its drive to expand the
renewable business all over the world, Mitsubishi Corporation (MC) is pleased
to announce its execution to acquire a 50% stake in Toul - Rosieres solar power
plant tranche 1 (55MW), from EDF Energies Nouvelles (EDF EN), who owns the
remaining 50%. The project has been developed and built by EDF Energies
Nouvelles, and operation and maintenance services are managed by one of its
subsidiary. This is the first time for MC to acquire a photovoltaic power
generating asset in France and to collaborate to own a large scale power plant
with EDF EN.
EDF Energies Nouvelles (EDF EN) is a leading renewable energy player, 100%
owned by French electric utility EDF. EDF EN has developed renewable power
plants all over the world. Toul-Rosieres solar power plant is installed on a
former NATO military airbase (total 522 ha) located close to Nancy in the
Meurthe-et-Moselle department of eastern France, having a 115 MW total
capacity, one of the largest photovoltaic power plants in the world. It has
been completed in May, 2012 and has started its operation in June 2012.
Toul-Rosieres power plant tranche 1, with an installed capacity of 55 MW,
benefits from a 20-year Power Purchase Agreement (PPA) with EDF.
Mr. Emmanuel Jaclot, Executive VP for Strategy, M&A and DSSA, at EDF EN
comments that "The collaboration with MC has been very successful on Toul.
We believe it is a key milestone in the development of our partnership."
Mr. Nobuaki Kojima, Executive Vice President of MC comments that "We made
the great first step and this transaction creates a prosperous partnership
between EDF EN and MC. We are quite satisfied to be with a strong partner in
France and we will ensure to expand our collaboration."
Under the expectation that Europe moves towards the integration of
cross-border transmission network and keeps unchanged commitment to CO2
reduction, the expansion of renewable energy with its efficient operation
should keep accelerating. With targeting further expansion of the power
generating assets in Europe, in addition to the existing solar power generating
assets in Spain and Portugal, MC aims to continue to promote solar power
generation projects not only in France, but also in the southern Europe. MC
will target to establish the operation know-how through the operation of those
Infrastructure business is a strategic core area for MC, as highlighted in its
Midterm Corporate Strategy 2012, announced in July 2010. MC will continue to
expand its presence in power producing business, including renewable, power
transmission business and environment and water business. MC is targeting to
increase its world-wide power generation capacity to 6GW from the current 4.5GW
by 2015 and 20% of such portfolio would be allocated to the renewable energy,
such as solar, wind and geothermal.
About Centrale Photovoltaique Toul Rosieres 1
(1) Location: Close to Nancy in the Meurthe-et-Moselle department of eastern
(2) Total Project Cost: Roughly JPY 22 billion (around EU200Mil)
(3) Total Output: Approximately 60 GWh/year
(Equivalent to 40,000 French households' electricity consumption)
(4) Shareholders: EDF EN 50%, MC 50%
(5) Start of Power Generation: June, 2012
(6) Power Purchase Agreement: EDF S.A.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business
enterprise that develops and operates businesses across virtually every
industry including industrial finance, energy, metals, machinery, chemicals,
foods, and environmental business. MC's current activities are expanding
far beyond its traditional trading operations as its diverse business ranges
from natural resources development to investment in retail business,
infrastructure, financial products and manufacturing of industrial goods. With
over 200 bases of operations in approximately 80 countries worldwide and a
network of over 500 group companies, MC employs a multinational workforce of
nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Copyright 2012 JCN Newswire. All rights reserved. www.japancorp.net
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