Mitsubishi Corporation Purchases Offshore Transmission Cable Operations in
Tokyo, Jan 17, 2013 - (JCN Newswire) - In addition to previously acquired
participations in BorWin 1 and BorWin 2, Mitsubishi Corporation (MC) has now
also acquired the share of HelWin 2 and DolWin 2 in Germany for approximately
40 billion yen (EUR 340 million).
With this acquisition, MC's involvement in the offshore transmission
business in Europe now stands at 7 assets, bringing its transmission capacity
to 3,800 megawatts, or 815 kilometers of cable in total in both Germany and the
United Kingdom. MC continues to be a leading Japanese company in this field.
MC reached an agreement with TenneT Holding B.V. (TenneT) on 16th January,
2013 to purchase a 49% equity stake in the DolWin 2 and HelWin2 offshore
transmission cable projects in Germany. The projects are scheduled for
completion by March 2015 at a cost of 200 billion yen (EUR 1.7 billion).
TenneT and MC will develop the two offshore grid connections in the German
North Sea for a total capacity of 1,600 megawatts. TenneT, as the majority
owner, and MC will maintain and operate the approximately 265 kilometers of
transmission cables and related transformers for at least 30 years under
current German regulations.
The German government is aiming to double its renewable energy generation
capacity, mainly offshore wind sources, from the current 17% to 35% by 2020.
The offshore transmission cables will contribute to this goal by transferring
clean electricity produced at offshore wind farms to the onshore grid. This
kind of transmission operation business is expected to see further expansion as
the number of offshore wind farms increases.
Infrastructure business is a strategic focus area for MC, as highlighted in
its Midterm Corporate Strategy 2012. Through good relations with TenneT, MC
will continue to expand its presence in the offshore transmission cable
operation business, paying particular attention to new projects in Europe.
About TenneT Holding B.V.
Head office : Arnhem, Netherlands
Date Established : 1998. (predecessor, Association of Electricity Producing
Companies, established in 1949)
Key Business Activities: Transmission system operator in the Netherlands and
Germany. Europe's first cross-border high-voltage grid operator.
Number of employees : 1,985 (as of December 31, 2011)
Representative : Mel Kroon, Chief Executive Officer
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.
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