Mitsubishi Corporation Acquires Two New Solar Projects in France
Consolidates IPP Operations under London-based Subsidiary
London, Aug 19, 2013 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased
to announce the acquisition of two new solar projects in France. The projects
were acquired through Diamond Generating Europe, Limited (DGE), MC's
wholly owned subsidiary based in London.
In an effort to improve efficiency in the management of assets and business
development throughout Europe and Middle East, MC has also taken steps to
consolidate all renewable energy and conventional Independent Power Producer
(IPP) assets under DGE. The subsidiary is being strategically positioned as the
platform for MC's IPP operations in Europe and Middle East.
These two new projects with capacities of 36 and 20 MW respectively, part of
large-scale solar projects in France - Crucey (60 MW) and Massangis (56 MW), -
were acquired by DGE from EDF Energies Nouvelles (EDF EN), giving MC a 50%
share in each project company. Eighty percent of the financing for the projects
has already been secured through loan facility agreements with Japanese and
French financial institutions.
DGE and EDF EN are already jointly operating part of the Toul Rosieres solar
plant (55 MW) in France, since January of this year. The three projects
combined bring MC's solar power generating capacity in France to 111 MW,
sufficient to supply the equivalent of roughly 40,000 households.
DGE is working in partnership with strong local players in Europe to develop
and execute a range of IPP activities across the region. These activities
currently cover the solar business in Portugal, France, and Italy, the
off-shore wind business in the Netherlands and the on-shore wind business in
France, as well as the thermal plant business in Jordan in the Middle East.
Consistent with "New Strategic Direction", the company's
recently released corporate strategy, MC is seeking to double net profits from
non-resource business areas and to create a more diversified portfolio in line
with the company's long-term vision of creating multiple sizable
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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