CORRECTED - Mitsubishi buys 56 MW of French solar assets from EDF EN

Aug 19, 2013 - Japan's Mitsubishi Corp (TYO:8058) said today it had purchased 56 MW of solar plants in France from EDF Energies Nouvelles (EDF EN), the renewable energy unit of French utility EDF (EPA:EDF).

The assets were acquired through Mitsubishi's London-based division Diamond Generating Europe Ltd (DGE). They include 36 MW in EDF's 60-MW Crucey and 20 MW in its 56-MW Massangis solar parks. Mitsubishi took 50% stakes in each project company.

Mitsubishi said that 80% of the financing for the projects is coming from bank loans with Japanese and French lenders but did not disclose the value of the deal.

DGE and EDF EN are already partnering on the operation of a part of the 55-MW Toul Rosieres solar park in France. Together with the newly-acquired solar parks, which have been generating power since 2012, Mitsubishi's solar capacity in France totals 111 MW. The output is estimated to be enough to meet the electricity demand of 40,000 homes.

Seeking to boost its efficiency in assets and business management in Europe and the Middle East, the Japanese group has also started to consolidate all of its renewable energy and conventional Independent Power Producer (IPP) assets in the region under DGE, it said. As part of its New Strategic Direction strategy, Mitsubishi aims to double its net earnings from non-resource operations and build a more diversified portfolio, the firm explained.

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