Mitsubishi acquires 2 new solar projects in France

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Mitsubishi Corp on Tuesday announced the acquisition of two new solar projects in France. The projects were acquired through Diamond Generating Europe Ltd (DGE), Mitsubishi’s wholly owned subsidiary based in London.

In an effort to improve efficiency in the management of assets and business development throughout Europe and Middle East, Mitsubishi said it has also taken steps to consolidate all renewable energy and conventional Independent Power Producer (IPP) assets under DGE. The subsidiary is being strategically positioned as the platform for the company’s IPP operations in Europe and Middle East.

These two new projects with capacities of 36 and 20 MW respectively, part of large-scale solar projects in France – Crucey (60 MW) and Massangis (56 MW), – were acquired by DGE from EDF Energies Nouvelles (EDF EN), giving Mitsubishi a 50% share in each project company. Eighty percent of the financing for the projects has already been secured through loan facility agreements with Japanese and French financial institutions.