Jun 29, 2018 11:43 JST

Source: Mitsubishi Corporation

Mitsubishi Corporation Commences Construction and Partially Transfers Shares In Dutch Offshore Wind Farm Project

TOKYO, Jun 29, 2018 - (JCN Newswire) - Mitsubishi Corporation (MC) is pleased to announce the achievement of financial close and commencement of construction of Borssele III/ IV Offshore Wind Farm in the Dutch North Sea, in which MC holds shares through its UK based wholly owned subsidiary, Diamond Generating Europe Limited (DGE). Prior to this milestone, DGE has divested part of its shares held to funds managed and/or advised by Partners Group, a global private markets investment manager. Partners Group is the fifth member of the Borssele III/ IV consortium, currently comprised of Eneco Group, Royal Dutch Shell, Van Oord and DGE. Total power generating capacity of the wind farm is 731.5MW, with the construction at sea/field starting from the middle of 2019 and commercial production starting in 2021.

Offshore wind power installations in Europe are projected to reach 50 GW in total capacity by 2030. Driven by a growing momentum towards ESG investment, many companies and institutional investors aim to expand their renewable energy portfolios by entering projects after key risks are mitigated. The mutually beneficial share transfer between Partners Group and DGE, allows Partners Group to enter the Borssele III/ IV project in its construction phase, and DGE to further optimize its power generation portfolio through a re-profiling of assets.

Through DGE, MC has participation in four offshore wind power projects in Europe including Borssele III/ IV, with a collective power generation capacity of over 2GW (as shown below). MC will continue participating in projects that simultaneously generate economic, societal, and environmental value, and leverage its operational experiences to further invest in offshore wind. By so doing, MC aims to accelerate its progress towards achieving a renewable energy composition of over 20% of total attributable power generation by 2030.

Contact:
Mitsubishi Corporation
Telephone: +81 3 3210 2171
Facsimile: +81 3 5252 7705 
Source: Mitsubishi Corporation
Sectors: Alternative Energy

Copyright ©2024 JCN Newswire. All rights reserved. A division of Japan Corporate News Network.

Related Press Release


Mitsubishi Corporation and 7 large international companies join forces to sponsor the creation of a global e-NG coalition
March 19 2024 15:40 JST
 
Nissan and Mitsubishi Corporation agree to explore new business in next-generation-mobility and energy-related services utilizing EVs
March 18 2024 16:29 JST
 
Mitsubishi Corp to invest in TIER IV: Transforming regional mobility with autonomous driving
March 15 2024 11:36 JST
 
Mitsubishi Corporation: Participation in PAK Lithium Project in Canada
March 05 2024 15:57 JST
 
Mitsubishi Corporation Expands its Data Center Presence with Entry into US
March 04 2024 14:27 JST
 
Mitsubishi Corporation's Sale of Exportadora de Sal, S.A. de C.V., a Salt Production Company in Mexico
February 26 2024 13:29 JST
 
MC to Subscribe Shares in TVS Vehicle Mobility Solution in India
February 19 2024 16:42 JST
 
PoC Launched to Test Smart-charging Service Using EV Connected Technologies
February 15 2024 15:50 JST
 
Mitsubishi Corporation, KDDI CORPORATION, Lawson, Inc. have entered into the Capital Business Partnership Agreement
February 06 2024 16:27 JST
 
First Plant to be Operated under Hydroelectric Power Alliance Goes Online
February 01 2024 20:13 JST
 
More Press release >>

Latest Press Release


More Latest Release >>