Mitsubishi Corp has sold 30% of its shares in subsidiary Diamond Green to Kansai Electric Power and a further 20% to Mitsubishi UFJ Lease & Finance Company, with the deal meaning the latter two organisations become shareholders in the 950MW Moray East offshore wind farm off Scotland.
Diamond Green is an intermediate holding company wholly-owned by Diamond Generating Europe, which itself is a subsidiary of Mitsubishi Corp.
Other shareholders in the Moray East project are EDP Renewables and Engie. The Moray East developers secured project financing for the wind farm this week with a syndicate of 16 banks, the Danish export credit agency EKF and Japan Bank for International Cooperation.
Mitsubishi Corp said the project will now move into the construction stage, with commercial operation expected in 2022. Moray East will feature MHI Vestas V164-9.5MW hardware.
The Japanese company said its strategy is to continue its engagement in offshore wind, while re-profiling assets and optimising its portfolio through divestment. It also aims to be a player in offshore wind sector in Japan by leveraging experience gained from its work in Europe.
Source:renews
