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  • North America
  • Latin America &
    the Caribbean
  • Europe
  • Africa
  • Middle East
  • Central Asia
  • East Asia
  • Asia & Oceania

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Mitsubishi Corporation

Press Room

August 19, 2013
Mitsubishi Corporation

Mitsubishi Corporation Acquires Two New Solar Projects in France
Consolidates IPP Operations under London-based Subsidiary

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. Diamond Generating Europe
(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)
 
2.EDF Electricite de France
(1) Head office : Paris, France
(2) Established : 1946
(3) Representative : Mr. Henri Proglio, Chairman and Chief Executive Officer
 
3.EDF Energies Nouvelles
(1) Head office : La Defense, France
(2) Representative : Mr. Antoine Cahuzac
(3) Key business activities :
   Power generation business, mainly renewable energy.
 

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