Bloomberg Anywhere Login

Bloomberg

Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.

Company

Financial Products

Enterprise Products

Media

Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000

Communications

Industry Products

Media Services

Follow Us

Mitsubishi to Buy Shares in Tennet German Wind Power Connections

March 6 (Bloomberg) -- Mitsubishi Corp. agreed with Tennet Holding BV to buy shares in two German offshore cable projects connecting wind farms to the onshore electricity grid as the Japanese trading company seeks to expand in Europe.

Tennet would retain a majority, the Dutch company said in a statement on its website today. Helwin2 and Dolwin2 have 1.59 gigawatts of capacity and need 1.7 billion euros ($2.2 billion) of investment, with “an expected third-party equity stake around 340 million euros.” The projects, due to be completed by 2015, will carry enough energy to supply 1.5 million homes.

Europe’s wind market is luring Asian companies as countries including the U.K. and Germany seek to curb greenhouse-gas emissions and increase energy security. Germany, Europe’s biggest economy, plans to install 10 gigawatts of offshore turbines by 2020 as it abandons nuclear power. Tennet is working on nine connection projects in the German North Sea, it said.

The letter of intent announced today expands on an accord in February under which Mitsubishi agreed to purchase 49 percent in two other German cable projects from Tennet called Borwin1 and Borwin2 for a total of 240 million euros.

To contact the reporter responsible for this story: Sally Bakewell in London at Sbakewell1@bloomberg.net

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

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.