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Mitsubishi and Chubu seal Eneco deal

By: Tom Russell 25/03/2020 Mitsubishi and Chubu

General Windfarms

Mitsubishi Corporation (MC) and Chubu Electric Power Co., Inc. (Chubu) have officially acquired all shares of Dutch Energy Company Eneco. The company was acquired through MC's and Chubu's Dutch subsidiary Diamond Chubu Europe B.V for a total of €4.1 billion (500 billion yen).

This follows MC and Chubu revealing they had been selected as the preferred buyers for Eneco back in November 2019. MC holds the lion's share of Eneco, with an 80% stake, and Chubu holds the remainder.

Amsterdam headquartered Eneco operates primarily in the trading and sale of both gas and electricity, and the supply of district heating systems. The company is also active in power generation via renewable assets. It is active mainly in the Netherlands, Belgium and Germany. Eneco's renewable energy portfolio includes an installed capacity of approximately 1,200 MW. It has stake in a number of projects under development or in construction such as the SeaMade and Blauwwind projects in Belgian and Dutch waters respectively.

Following the acquisition, MC aims to accelerate its own renewable developments in Europe and around the world. 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.

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Mitsubishi and Chubu seal Eneco deal

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