Mitsubishi and Chubu Complete Eneco Buy

Mitsubishi Corporation and Chubu Electric Power have completed the acquisition of the Dutch energy company Eneco.

The two Japanese companies have now, through their special purpose company, Diamond Chubu Europe B.V, acquired all of the shares of Eneco.

The total value of this acquisition is EUR 4.1 billion, the companies said.

Mitsubishi will control an 80% stake in Eneco, with Chubu holding the remaining 20%. Mitsubishi also plans to transfer part of its offshore wind activities (more than 400MW) to Eneco.

Through the transaction, Eneco will become the European centre for all energy-related activities of Mitsubishi and Chubu. Eneco will remain intact as an integrated and independent Dutch energy company.

Eneco and Mitsubishi have been cooperating since 2012. In 2013, Mitsubishi acquired a 50% stake in the 129MW Eneco Luchterduinen offshore wind farm in the Dutch North Sea from Eneco.

Eneco and Mitsubishi are also partners in the development of the 370MW Norther wind farm off the Belgian coast. The two companies jointly own a 50% stake in the project.

Takehiko Kakiuchi, CEO of Mitsubishi Corporation, said: “We are committed to fully endorse, strengthen and contribute to the further national and international development of Eneco’s strategy. This includes, amongst others, continuing to invest in sustainable assets, innovative products and services, research and development and the expansion of the (energy) activities of Eneco. We have been partners with Eneco since 2012 and the consortium is committed as a long-term shareholder. We are looking forward to working together with all stakeholders of Eneco.”