Mitsubishi Corporation and Chubu to acquire Dutch Energy Supply Company Eneco

TOKYO, Mar 25, 2020 - (JCN Newswire) - In November 2019, Mitsubishi Corporation (MC) and Chubu Electric Power Co., Inc. (Chubu) were selected as the preferred buyers in a bid for the Dutch Energy Company "Eneco"(1).

Eneco's Offshore Wind Farm Project

Both MC and Chubu have since been completing the acquisition procedures, and yesterday we officially acquired all shares of Eneco through our joint venture in the Netherlands, special purpose company Diamond Chubu Europe B.V. The total value of this acquisition is 4.1 billion euros (500 billion yen).Eneco is an integrated energy company that is actively engaged in renewable power generation projects. It also offers innovative solutions that make it easier for customers to make the switch to more sustainable and smarter energy consumption in the retail area.By taking advantage of Eneco's technological strengths and know-how in renewable energies, MC is aiming to accelerate its own renewable developments in Europe and around the world. MC is seizing this acquisition as an opportunity to help reduce greenhouse emissions and realize its vision of simultaneously generating economic, societal and environmental value through its businesses.By combining its accumulated expertise in the energy sector with Eneco's unique strengths, Chubu is aiming for mutually beneficial business-model evolution, through which it can create synergies in its energy operations, both in Japan and around the world.The growth of renewable energies, which has led to a rise in small-scale decentralized energy resources, the ongoing development of storage batteries and digital technologies, are changing the face of power generation. Both MC and Chubu are excited about leveraging that growth to help improve our quality of life, proceed with low-carbon societies, and find solutions to some of the world's most serious problems.

(1) https://bit.ly/2y86XKd

About Mitsubishi Corporation

Mitsubishi Corporation, headquartered in Tokyo, is a global integrated business enterprise that develops and operates business across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. Mitsubishi Corporation's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods.

For more information on Mitsubishi Corporation, please visit the company's website at https://www.mitsubishicorp.com/jp/en/.

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