MC and Chubu to acquire Dutch Energy Supply Company "Eneco"

In November 2019, Mitsubishi Corporation (MC) and Chubu Electric Power Co., Inc. (Chubu) were selected as the preferred buyers in a bid for the Dutch Energy Company "Eneco" (the official announcement was released on November 25).

Both MC and Chubu have since been completing the acquisition procedures, and yesterday we officially acquired all shares of Eneco through our joint venture in the Netherlands, special purpose company Diamond Chubu Europe B.V. The total value of this acquisition is 4.1 billion euros (500 billion yen).

Eneco is an integrated energy company that is actively engaged in renewable power generation projects. It also offers innovative solutions that make it easier for customers to make the switch to more sustainable and smarter energy consumption in the retail area.

By taking advantage of Eneco's technological strengths and know-how in renewable energies, MC is aiming to accelerate its own renewable developments in Europe and around the world. MC is seizing this acquisition as an opportunity to help reduce greenhouse emissions and realize its vision of simultaneously generating economic, societal and environmental value through its businesses.

By combining its accumulated expertise in the energy sector with Eneco's unique strengths, 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.

The growth of renewable energies, which has led to a rise in small-scale decentralized energy resources, the ongoing development of storage batteries and digital technologies, are changing the face of power generation. Both MC and Chubu are excited about leveraging that growth to help improve our quality of life, proceed with low-carbon societies, and find solutions to some of the world's most serious problems.

[Eneco's Offshore Wind Farm Project]

[About Diamond Chubu Europe B.V.]

Headquarters:Amsterdam, The Netherlands
Established:2019
Investment Ratio:Mitsubishi 80%, Chubu 20%
Representative:Yasuhiko Okabe

[Reference Information]

1. About Mitsubishi Corporation
Headquarters:3-1 Marunouchi 2-Chome, Chiyoda-ku, Tokyo, Japan
Established:1954
Main Business:MC is a global integrated business enterprise that is comprised of 10 Business Groups: Natural Gas, Industrial Materials, Petroleum & Chemicals, Mineral Resources, Industrial Infrastructure, Automotive & Mobility, Food Industry, Consumer Industry, Power Solution, and Urban Development.
Representative:Takehiko Kakiuchi, President and CEO

2. About Chubu Electric Power Co.,Inc.
Headquarters:1 Higashi-shincho, Higashi-ku, Nagoya, Aichi, Japan
Established:1951
Main Business:Electric utility and related enterprises, gas supply and thermal storage brokerage, on-site energy business, community support infrastructure business, data platform business, overseas consulting and investment, etc.
Representative:Satoru Katsuno, President and Director

3. About Eneco
Headquarters:Rotterdam, The Netherlands
Established:1995
Main Business:Eneco is a group of companies engaged in sustainable energy and innovation. The company invests in wind and solar farms, biomass plants and green district heating with an aim to increase its presence in sustainable energy. Furthermore, Eneco develops innovative products and services that enable its customers to be in charge of how they generate, store, use or share energy.
Representative:CFO, Guido Dubbeld