February 12 (Renewables Now) - The European Commission earlier this week announced its approval of the acquisition of Netherlands-based energy company Eneco by Japan’s Mitsubishi Corp (TYO:8058) and Chubu Electric Power Co Inc (TYO:9502).
According to the EC, the proposed deal would not raise any concerns about competition in view of the moderate market positions of the companies and the limited overlap that results from the acquisition.
The EUR-4.1-billion (USD 4.47bn) deal was announced in November. Mitsubishi and Chubu were chosen as preferred bidders for the company in a competitive sales process. Eneco will be acquired through the special purpose company Diamond Chubu Europe BV, in which Mitsubishi owns 80% and Chubu 20%.
Eneco, doing business mainly in the Netherlands, Belgium and Germany, has an installed capacity of around 1.2 GW in renewable energy assets. The company has collaborated with Mitsubishi on a number of projects in Europe, including three offshore wind farms with a total capacity of 1.23 GW and a 48-MW battery storage project.
(EUR 1.0 = USD 1.091)