Mitsubishi goes PV shopping in France

Mitsubishi has announced the acquisition of two new solar PV parks in France totaling 56 MW, a move that is in line with its strategy of diversifying its business operations.
The two new projects acquired by Mitsubishi in France have capacities of 36 MW and 20 MW each and are parts of larger solar projects in the areas of Crucey (60 MW) and Massangis (56 MW), respectively.

Mitsubishi purchased a 50% share in each project from EDF Energies Nouvelles (EDF EN). The company said 80% of the financing for the projects had already been secured through loan facility agreements with Japanese and French financial institutions.

Mitsubishi and EDF EN have partnered in the past in France and have been jointly operating part of the Toul Rosieres solar plant, built on a former military airfield, since January of this year. Mitsubshi also purchased a 50% stake in the 55 MW Toul–Rosières solar power plant tranche 1 from EDF EN.

The three PV projects combined bring Mitsubishi’s solar power generating capacity in France to 111 MW, sufficient to supply the equivalent of roughly 40,000 households.

Mitsubishi, via Diamond Generating Europe Ltd, its fully owned subsidiary based in London, is working in partnership with strong local players in Europe to develop and execute a range of Independent Power Producer activities across the region. These activities currently cover the solar sectors in France, Portugal and Italy as well as wind energy in Europe and the thermal plant business in the Middle East.

These businesses, Mitsubishi said, are consistent with the company’s recently announced new corporate strategy, which aims to "double net profits from non-resource business areas and to create a more diversified portfolio in line with the company’s long-term vision of creating multiple sizable ‘winning businesses.’"