Eneco picks Mitsubishi, Chubu as preferred buyers with EUR-4.1bn bid

Eneco's Delfzijl Noord wind farm in the Netherlands. Source: Eneco (www.enecogroup.com).

November 25 (Renewables Now) - Netherlands-based energy company Eneco has chosen Japan’s Mitsubishi Corp (TYO:8058) and
Chubu Electric Power Co Inc (TYO:9502) as preferred buyers with their offer of EUR 4.1 billion (USD 4.4bn).

Mitsubishi said on Monday that the two companies want to buy up to 100% of Eneco through their special purpose company Diamond Chubu Europe BV. The Netherlands-based joint venture is 80% owned by Mitsubishi and 20% owned by Chubu.

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. The potential acquisition will help Mitsubishi advance in its own renewable energy initiatives, it said.

Eneco said earlier that the sale process was on schedule and expected to be completed in 2020. A large majority of the 53 Dutch cities that own Eneco voted to privatise the company in February.

According to earlier reports by Reuters, Dutch oil and gas giant Royal Dutch Shell Plc (AMS:RDSA), in partnership with pension fund service provider PGGM, was the main contender in the race for Eneco, while Australia’s Macquarie Group Ltd (ASX:MQG) was also named as a potential bidder.

(EUR 1.0 = USD 1.10)

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Before joining Renewables Now, Alex was a UK-focused business news reporter. Now she is covering global news from the renewable energy industry with a special interest in M&A.

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