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Mitsubishi, Innovation Network Buy Italian Solar Power Producer

Mitsubishi Corp. (8058), Innovation Network Corp. of Japan and Solar Ventures acquired Italy’s Solar Holding S.R.L for an undisclosed amount.

Mitsubishi bought 50 percent of the power producer, Innovation Network 35 percent and Solar Ventures the rest, the Japanese trading company said in a statement today.

Solar Holding, a unit of Solar Ventures S.R.L., has the capacity to produce 42 megawatts of power across 19 sites in Italy, which are already managed by Solar Ventures.

Mitsubishi will spend 3 billion yen ($31.4 million) and Innovation Network will invest 2 billion yen to buy Solar Holding, The Nikkei newspaper reported today, without saying how it obtained the information.

To contact the reporter on this story: Chisaki Watanabe in Tokyo at cwatanabe5@bloomberg.net

To contact the editor responsible for this story: Reed Landberg at landberg@bloomberg.net

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