Japan-based Mitsubishi has acquired 50% stakes in two French solar projects, totalling 56MW, from EDF Energies Nouvelles (EDF EN).
The agreement for a 36MW project in Crucey and a 20MW plant in Massangis was signed through Mitsubishi’s London-based subsidiary Diamond Generating Europe (DGE).
The new photovoltaic (PV) facilities have total capacities to generate 60MW and 56MW of energy, respectively.
Mitsubishi said around 80% of the financing required for the projects has already been secured through loan facility agreements with Japanese and French institutions.
Prior to the new projects, DGE and EDF have been jointly operating 55MW of the solar plant at the Toul Rosieres plant in France since January 2013.
The three projects combined will bring Mitsubishi’s solar power generating capacity in France to 111MW, enough to meet the electricity demand of approximately 40,000 homes.
Mitsubishi said it has also taken steps to consolidate all renewable energy and conventional independent power producer (IPP) assets under DGE to position the subsidiary as its operations platform in Europe and the Middle East.
DGE is working in partnership with local players in Europe to develop and execute a range of IPP activities throughout the region.
The activities currently cover the solar business in Portugal, France and Italy, the off-shore wind business in the Netherlands and the onshore wind business in France, as well as the thermal plant business in Jordan in the Middle East.
Earlier in 2013, a joint venture between Mitsubishi, Innovation Network Corporation of Japan and Solar Ventures acquired a 100% stake in Italian solar power producer Solar Holding.
Image: The solar projects in Crucey and Massangis have total capacities to generate 60MW and 56MW of energy, respectively. Photo: courtesy of FreeDigitalPhotos.net.