A part of the agreements, shares in HM Hydro have been allocated as follows: 44.7% to Hitachi, 33.2% to Mitsubishi Electric, with the remaining 22.1% to MHI.

The Japanese companies first announced their plans to pool resources and engage jointly in hydroelectric operations in July last year.

Under the deal, the companies will transfer all marketing, installation and after-sale services pertaining to the water turbines, generators, and auxiliary controllers and other equipment and devices that comprise hydroelectric power generation facilities and equipment. They will also transfer systems engineering and development and design of core components.