Mitsubishi, Chubu complete EUR-4.1bn acquisition of Eneco

Offshore wind park. Source: Eneco (www.eneco.com)

March 25 (Renewables Now) - Japan’s Mitsubishi Corp (TYO:8058) and Chubu Electric Power Co Inc (TYO:9502) have completed their acquisition of Dutch energy company Eneco for a total value of EUR 4.1 billion (USD 4.4bn).

The two Japanese companies took over Eneco through their Amsterdam-based joint venture Diamond Chubu Europe BV, which is majority owned by Mitsubishi with an 80% stake. Chubu holds the remaining 20%.

The JV was selected as the preferred bidder for Eneco in late November 2019. Last month, the European Commission gave its approval for this transaction.

Rotterdam-headquartered Eneco invests in wind, solar and biomass plants as well as green district heating. It primarily does business in the Netherlands, Belgium and Germany, and has an installed renewable energy capacity of around 1.2 GW.

The company has worked with Mitsubishi on several 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 = USD 1.083)

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