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Mitsui invest in GRI

By: Lewis Holdsworth 06/03/2015 Mitsui

General Windfarms

Mitsui & Co., Ltd. has entered into an agreement to invest in Gonvarri Eólica, S.L. ("Gonvarri Eolica"). Gonvarri Eolica controls the GRI Renewable Industries Group ("GRI") of Spain, which is the world's leading manufacturer of wind turbine towers and flanges for wind power generation.

Agreement documents were signed on March 5, 2015. Subject to regulatory approvals by the relevant authorities, Mitsui will acquire a 25% shareholding in Gonvarri Eolica by accepting a third-party new share allotment by Gonvarri Eolica and buying shares from existing shareholders.

The Gonvarri-Gestamp Group is globally active in the areas of pressed automotive parts, steel processing, wind and solar power generation, and wind turbine towers and flanges.

The growing global importance of electricity generation using renewable energy such as wind and solar energy reflects a number of factors, including efforts to build sustainable societies and reduce greenhouse gas emission, the need to ensure energy security and growing electricity demand, especially in emerging countries. Wind power is especially significant because of cost reductions achieved through technological innovations. Capacity is expected to triple to over 10% of total world generating capacity over the next 20 years.

GRI manufactures steel towers to support wind power generators, as well as large-scale flanges, which are key component of towers, and supplies these products to major wind turbine manufacturers.

Mitsui has identified electric power, including wind power, as a core business segment in line with its goal of contributing to "new nation building and business expansion from infrastructure", which is one of the seven "Key Strategic Domains" in our Medium-term Management Plan, and we are working to expand our value chains in this area.

Mitsui and GRI will explore opportunities to make a continuing contribution to globally prevailing wind power, including the possible establishment of new manufacturing plants in Asia and America, where future expansion of demand is expected, and in Europe for newly developed offshore wind power.

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Mitsui invest in GRI

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