Japan-based Mitsubishi HC Capital has acquired a 20% stake in Danish renewables developer European Energy for €700m ($744.5m).

Mitsubishi HC Capital purchased 72.38 million new shares, each with a nominal value of DKr1 (€0.13).

It also acquired an additional 2.8 million shares from European Energy’s three main shareholders.

Mitsubishi HC Capital has made the strategic investment through its Danish subsidiary MHC Energy Europe.

Mitsubishi HC Capital’s deputy managing director Keiro Tamate will join the European Energy board of directors.

Board chair Jens Due Olsen stated: “The strategic partnership with Mitsubishi HC Capital will triple European Energy’s equity, enabling European Energy to further enhance its role in the green energy transition. Mitsubishi HC Capital’s international presence and strategic mindset will be invaluable on the growth journey that European Energy is currently on.”

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Mitsubishi HC Capital managing executive officer and environment and energy business division head Takuji Naruse stated: “There is significant growth potential in European Energy, and we are excited to contribute our expertise and knowledge to the company in its new chapter.”

The transaction was first announced in January 2024. Mitsubishi HC Capital is now the second-largest shareholder in European Energy.

European Energy operates in 28 countries, with 3GW of renewable energy development and a pipeline exceeding 60GW, primarily in Europe.

The company is also active in power-to-X technologies, producing green energy solutions such as e-methanol and green hydrogen from renewable sources.