Nov 24, 2011 16:08 JST

Source: Mitsubishi Corporation

Mitsubishi Corporation Participation in the Energy Saving Business in the Philippines


TOKYO, Nov 24, 2011 - (ACN Newswire) - On November 23, 2011, Mitsubishi Corporation (MC) completed the acquisition of 40% of the shares of Philippine Integrated Energy Solutions, Inc. (PhilEnergy), 100% owned by Ayala Land Inc. (Ayala Land), a Philippines-based real estate company. Through this acquisition, MC will participate in the energy saving business (District Cooling System Business(1) and Energy Service Company(2)) in the Philippines.

The Philippines has enjoyed high economic growth (more than a 5% GDP growth rate). However, energy-related infrastructure has become more of an issue and electricity generation facilities are being strengthened. The government of the Philippines is looking into the establishment of a law with the aim to reduce energy consumption. PhilEnergy owns large-scale facilities for cooling and plans to supply chilled water, warm water and steam for use in air conditioners and the like in multiple Manila metropolitan area (Makati City) buildings (offices, businesses, hotels, etc.) starting in March 2012. In comparison to when buildings have their own small-scale facilities, energy consumption can be reduced and the initial construction cost to the building owners (the cost to establish cooling facilities) can de decreased through the bundled supply provided by these cooling facilities.

MC will introduce an energy saving market and help to improve the environment in the Philippines, where energy costs are expected to rise and growth is expected, through PhilEnergy in cooperation with Ayala Land by utilizing the know-how gained via its energy-savings business in Japan.

In July of 2010, MC designated global environmental businesses as a strategic domain as part of its Midterm Corporate Strategy 2012 aiming to contribute to society's sustainable development through business.

For full details, please visit: www.mitsubishicorp.com/jp/en/pr/archive/2011/html/0000013442.html.

(1) District Cooling System Business - A District Cooling System sends chilled water, warm water and steam to use for air-conditioning in multiple buildings via a pipe from one or several plants. This is called District Heating and Cooling, where heat is produced in a centrally located plant, not at each buildings' cooling or heating facilities.

(2) Energy Service Company - Energy Service Company provides service to improve energy efficiency through the introduction of building facility upgrades and energy saving knowhow. It shares energy reduction benefits with its customers, mostly energy consumption reduction achieved through the upgrade, management and maintenance of air conditioning and heating facilities.


About Mitsubishi Corporation
Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation'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.

For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.


Contact:
Mitsubishi Corporation
Telephone: +81-3-3210-2171
Facsimile: +81-3-5252-7705
Source: Mitsubishi Corporation
Sectors: Daily Finance, Energy

Copyright ©2020 ACN Newswire. All rights reserved. A division of Asia Corporate News Network.

Related Press Release


Geodesic Capital Launches a $335 Million Fund for Growth Stage Venture Capital to Bridge Silicon Valley, Japan, and Asia
May 17 2016 09:30 JST
 
MHI and MC Receive Order for APM Cars and APM System Capacity Expansion at Singapore Changi Airport
March 03 2016 13:00 JST
 
World Leaders in Water Technology to Showcase Latest Solutions at International Water Summit (IWS) 2012
January 08 2013 16:00 JST
 
Mitsubishi Corporation Enters Geothermal Power Business in Indonesia
October 17 2012 15:00 JST
 
GAC Mitsubishi Motors Co., Ltd., a Joint Venture of Guangzhou Automobile Group Co., Ltd., Mitsubishi Motors Corporation and Mitsubishi Corporation, Commences Operation
October 12 2012 16:00 JST
 
Mitsubishi Corporation and Sembcorp Development Enter Strategic Alliance on Township Development in South East Asia
September 25 2012 18:10 JST
 
Fukushima Recovery, Experimental Offshore Floating Wind Farm Project
March 07 2012 14:00 JST
 
Mitsubishi Development Pty to Acquire Murchison's Interests in Crosslands and Oakajee Port and Rail
November 24 2011 15:00 JST
 
Mitsubishi Corp Enters Concentrated Solar Power Generation Business in Spain
February 25 2011 16:33 JST
 
Mitsubishi Corp Signs MOU with Korea Gas Corporation in Natural Gas Business
February 25 2011 16:27 JST
 
More Press release >>

Latest Press Release


More Latest Release >>