Mitsubishi Corporation

Press Room

July 14, 2009

MC Forms Strategic Alliance with the World’s Largest Renewable Energy Company (*1)

Mitsubishi Corporation (MC) and Spanish company ACCIONA S.A (ACCIONA), the world’s largest leader in renewable energies, have signed a Memorandum of Understanding, for a comprehensive strategic alliance. Through this alliance, the companies will develop and operate renewable energy projects and share innovation on sustainable solutions worldwide. Both companies have made a firm commitment to promote economic and social development and protect the environment from a global perspective.
 
 
1. Project Outline of Strategic Alliance
MC and ACCIONA will jointly develop and operate projects in renewable energy, including PV solar, wind power, solar thermal, and bio-energy. In addition, the agreement covers business opportunities in water management and treatment, as well as sustainable construction and transportation, which play key roles in suppressing greenhouse gas emissions.
 
As part of the agreement, MC and ACCIONA will work together on a global basis, to develop renewable energy projects or invest in companies that fall within the joint strategy framework. The partners' target for the scope of this business is two billion Euros in total (around \260 billion at \130/Euro).
 
As the first step, MC acquired a 34% share of Portugal’s Amper Central Solar S.A (Amper), which is wholly-owned by ACCIONA. Amper developed and operates the world’s largest PV solar plant in Moura, Portugal, and the 45.8MW facility has already been grid-connected and is now operational. At an investment of 261 million Euros, its estimated annual output is of 93 Gwh (93 million Kwh). It is also expected to cut CO2 emissions by about 89,000 tonnes per year. (*2)
 
In addition to business investments, the alliance will include joint research and development projects in energy, water, and infrastructure solutions. Training programs and an exchange of personnel will be carried out to help promote best practices and new-value creation in both companies.
 
2. MC’s Objective
MC has decided to develop its new energy business, having established the New Energy & the Environment Division as part of its new “Corporate Development Section.” This section was set up on April 1, 2009, and is directly overseen by the company president, Mr. Yorihiko Kojima. MC is intent on becoming a leading player in new energy and environmental businesses. This collaboration with ACCIONA should help in this aim, giving MC a solid partnership through which to leverage its industrial strength and global reach.
 
3. Partner
Name
ACCIONA S.A (publicly traded on the Spanish stock exchange; an IBEX 35 company)
Business field
The company operates in more than 30 countries, in new energy, infrastructure, real estate, and water and services. It owns a renewable power plant which generates approximately 7GW (7 Million KW). Amper, located in Portugal, is recognized as having the world’s largest grid-connected solar photovoltaic generation capacity (45.8MW), while the company’s Nevada Solar One in the US generates 64MW of solar thermal energy, considered the largest among plants built after 1990. In wind power, the company owns a power plant that generates a total of 5.7GW (5.7 Million KW). The company also produces approximately 300,000 tones of bio fuel annually.
Head quarters
Madrid, Spain
History
Established in 1997 through a merger between Entrecanales & Tavora and Cubiertas & MZOV
Employees
35,000 on a consolidated basis
Revenues
Approximately 12,665 million Euros(January-December, 2008)
Major Shareholders
Entrecanales Group (59%) and others
 
*1) A business entity involved in all forms of renewable energy, including wind, PV solar, solar thermal, and bio-energy.
*2) Compared to CO2 emissions from conventional coal-fired thermal power generation.

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