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Publish Date : 21-Aug-2013

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 "winning businesses".

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