Mitsubishi Corporation has acquired a share in four concentrated solar power (CSP) generation plants with a total capacity of 200MW.
Mitsubishi acquired a 15% stake in Acciona Termosolar from Acciona Energia, the renewable energy business of the Acciona Group.
The two of the plants, Alvarado I and Majadas are located in Extremadura, while the other two, Palma del Rio I and Palma Del Rio II are located in Andalucia.
The project's total cost is about €1bn ($1.3bn) and the plants are expected to generate about 450 million kWh of electricity each year, while reducing carbon dioxide emissions by 430,000t.
Each plants will have a 50MW capacity. Three of the four are already in operation, with the last, Palma del Rio I, expected to come onstream in late 2011.
With the acquisition, Mitsubishi has become the first Japanese firm to own CSP plants in the commercial operational stage.
The firm will also finance Acciona under the support from Nippon Export and Investment Insurance, along with three Japanese banks.