January 17, 2013
Mitsubishi Corporation Purchases Offshore Transmission Cable Operations in Germany
Tokyo, Jan 17, 2013 - (JCN Newswire) - In addition to previously acquired participations in BorWin 1 and BorWin 2, Mitsubishi Corporation (MC) has now also acquired the share of HelWin 2 and DolWin 2 in Germany for approximately 40 billion yen (EUR 340 million).
With this acquisition, MC's involvement in the offshore transmission business in Europe now stands at 7 assets, bringing its transmission capacity to 3,800 megawatts, or 815 kilometers of cable in total in both Germany and the United Kingdom. MC continues to be a leading Japanese company in this field.
MC reached an agreement with TenneT Holding B.V. (TenneT) on 16th January, 2013 to purchase a 49% equity stake in the DolWin 2 and HelWin2 offshore transmission cable projects in Germany. The projects are scheduled for completion by March 2015 at a cost of 200 billion yen (EUR 1.7 billion).
TenneT and MC will develop the two offshore grid connections in the German North Sea for a total capacity of 1,600 megawatts. TenneT, as the majority owner, and MC will maintain and operate the approximately 265 kilometers of transmission cables and related transformers for at least 30 years under current German regulations.
The German government is aiming to double its renewable energy generation capacity, mainly offshore wind sources, from the current 17% to 35% by 2020. The offshore transmission cables will contribute to this goal by transferring clean electricity produced at offshore wind farms to the onshore grid. This kind of transmission operation business is expected to see further expansion as the number of offshore wind farms increases.
Infrastructure business is a strategic focus area for MC, as highlighted in its Midterm Corporate Strategy 2012. Through good relations with TenneT, MC will continue to expand its presence in the offshore transmission cable operation business, paying particular attention to new projects in Europe.
About TenneT Holding B.V.
Head office : Arnhem, Netherlands
Date Established : 1998. (predecessor, Association of Electricity Producing Companies, established in 1949)
Key Business Activities: Transmission system operator in the Netherlands and Germany. Europe's first cross-border high-voltage grid operator.
Number of employees : 1,985 (as of December 31, 2011)
Representative : Mel Kroon, Chief Executive Officer
About Mitsubishi Corporation
Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC'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. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
Source: Mitsubishi Corporation
Mitsubishi Corporation Telephone: +81-3-3210-2171 Facsimile: +81-3-5252-7705 >
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