Regarding participation in the submarine power transmission business for offshore wind power plants in Germany
April 25, 2017
Chubu Electric Power Co.,Inc.
Mitsubishi UFJ Lease & Finance Co. Ltd.
Chubu Electric Power Co., Inc. (President & Director: Satoru Katsuno, Headquarters: Higashi-ku, Nagoya, hereinafter, CEPCO) and Mitsubishi UFJ Lease & Finance Co. Ltd. (President & CEO: Tadashi Shiraishi, Headquarters: Chiyoda-ku, Tokyo, hereinafter, MUL) have decided to jointly participate in the submarine power transmission business for offshore wind power plants in Germany.
The joint investment company established by CEPCO and MUL (Chubu Electric Power & MUL Germany Transmission GmbH) has agreed with Mitsubishi Corporation (Mitsubishi) to acquire 49% of the shares of Mitsubishi's subsidiary that has the business right of this project, and a share purchase and transfer agreement has been concluded.
It will be the first time for CEPCO and MUL to participate in overseas power transmission projects.
This project is to operate and maintain four submarine transmission cables (BorWin 1, BorWin 2, DolWin 2, HelWin 2) that have a power transmission length of over 100 km and run from a wind power plant located in an offshore area of the North Sea. The Dutch national power transmission operator TenneT Holding B.V. (TenneT) and Mitsubishi's subsidiary own the business right to the project.
CEPCO expects stable earnings over the long term from this project and we also hope to utilize the technology and knowledge gained from Chubu Electric Power's highly reliable transmission and transformation maintenance.
MUL launched a new organization in fiscal 2016 as one of the priority measures for investing in overseas social infrastructure projects. This project will be the first step, and MUL will continue to actively participate in social infrastructure projects both in Japan and abroad.