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”.

 

(1) Head office ： London, UK

(2) Established ： 2012

(3) Key business activities ： Electric power generation

(4) Main project ：

Country	Source of power generation	Power plant	Gross capacity	Equity of DGE	Operation Start
France	solar photovoltaic	Toul Rosieres	55MW	50%	May 2012
		Crucey	36MW		May 2012
		Massangis	20MW		September 2012
	wind	North part of France	86MW	50%	From 2013 to November 2014
Portugal	solar photovoltaic	Amper	46MW	34%	January 2009
Italy	solar photovoltaic	Solar Holding (total 19 plants)	43MW (total)	50%	From 2007 to 2011
Holland	offshore wind	Luchterduinen	130MW	50%	September 2015 （Scheduled）
Jordan	Diesel	IPP3	573MW	35%	February 2014 （Scheduled）

 

(1) Head office ： Paris, France

(2) Established ： 1946

(3) Representative ： Mr. Henri Proglio, Chairman and Chief Executive Officer

 

(1) Head office ： La Defense, France

(2) Representative ： Mr. Antoine Cahuzac

(3) Key business activities ：

   Power generation business, mainly renewable energy.