Tokyo, Jan 7, 2013 - (JCN Newswire) - Continuing its drive to expand the renewable business
all over the world, Mitsubishi Corporation (MC) is pleased to announce its execution to acquire a 50% stake in Toul - Rosieres solar power plant tranche 1 (55MW), from EDF Energies Nouvelles (EDF EN), who owns the remaining 50%. The project has been developed and built by EDF Energies Nouvelles, and operation and maintenance services are managed by one of its subsidiary. This is the first time for MC to acquire a photovoltaic power generating asset in France and to collaborate to own a large scale power plant with EDF EN.
EDF Energies Nouvelles (EDF EN) is a leading renewable energy player, 100% owned by French electric utility EDF. EDF EN has developed renewable power plants all over the world. Toul-Rosieres solar power plant is installed on a former NATO military airbase (total 522 ha) located close to Nancy in the Meurthe-et-Moselle department of eastern France, having a 115 MW total capacity, one of the largest photovoltaic power plants in the world. It has been completed in May, 2012 and has started its operation in June 2012. Toul-Rosieres power plant tranche 1, with an installed capacity of 55 MW, benefits from a 20-year Power Purchase Agreement (PPA) with EDF.
Mr. Emmanuel Jaclot, Executive VP for Strategy, M&A and DSSA, at EDF EN comments that "The collaboration with MC has been very successful on Toul. We believe it is a key milestone in the development of our partnership."
Mr. Nobuaki Kojima, Executive Vice President of MC comments that "We made the great first step and this transaction creates a prosperous partnership between EDF EN and MC. We are quite satisfied to be with a strong partner in France and we will ensure to expand our collaboration."
Under the expectation that Europe moves towards the integration of cross-border transmission network and keeps unchanged commitment to CO2 reduction, the expansion of renewable energy with its efficient operation should keep accelerating. With targeting further expansion of the power generating assets in Europe, in addition to the existing solar power generating assets in Spain and Portugal, MC aims to continue to promote solar power generation projects not only in France, but also in the southern Europe. MC will target to establish the operation know-how through the operation of those assets.
Infrastructure business is a strategic core area for MC, as highlighted in its Midterm Corporate Strategy 2012, announced in July 2010. MC will continue to expand its presence in power producing business, including renewable, power transmission business and environment and water business. MC is targeting to increase its world-wide power generation capacity to 6GW from the current 4.5GW by 2015 and 20% of such portfolio would be allocated to the renewable energy, such as solar, wind and geothermal.
About Centrale Photovoltaique Toul Rosieres 1
(1) Location: Close to Nancy in the Meurthe-et-Moselle department of eastern France
(2) Total Project Cost: Roughly JPY 22 billion (around EU200Mil)
(3) Total Output: Approximately 60 GWh/year
(Equivalent to 40,000 French households' electricity consumption)
(4) Shareholders: EDF EN 50%, MC 50%
(5) Start of Power Generation: June, 2012
(6) Power Purchase Agreement: EDF S.A.
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
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