Mitsubishi Corp has increased its presence in the renewable energy sector with the purchase of 50 per cent stakes in two solar power plants in France.
The two power plant stakes were purchased from EDF Energies Nouvelles through Diamond Generating Europe (DGE), Mitsubishi's wholly-owned subsidiary based in London.
The Japanese firm paid Yen2 billion for the purchases, the Nikkei newspaper reported. The Crucey and Massangis photovoltaic (PV) power plants have capacities of 60 MW and 56 MW, respectively.
DGE and EDF Energies Nouvelles are already jointly operating part of the 55 MW Toul Rosieres solar power plant in France. The three projects combined bring Mitsubishi's solar power generating capacity in France to 111 MW, said the company.
Mitsubishi also said in a statement that it is taking steps to consolidate all of its renewable energy and conventional independent power producer (IPP) assets under DGE in order to improve operational efficiency and position DGE as its main platform for IPP operations in Europe and the Middle East.
It added that DGE is working in partnership with strong local players in Europe to develop and execute a range of IPP activities across the region.
These include solar projects in Portugal, France and Italy, offshore wind in the Netherlands and onshore wind in France.
In July, EDF Energies Nouvelles and DGE announced a partnership to build four wind farms in northern France with a total capacity of 72 MW.
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