Japan-based Sojitz, Mitsubishi UFJ Lease & Finance and Kansai Electric Power subsidiaries have acquired a majority stake of 60% in Evalair, an Irish firm owing 223MW portfolio of wind power.
In this regard, Sojitz has completed a stock purchase through its UK-based subsidiary ShaMrocK Wind, which is a joint venture formed in the UK with Mitsubishi UFJ Lease & Finance Limited and several Kansai Electric Power subsidiaries.
Following the acquisition, Sojitz will take over as the operator of the Irish wind power plant. ShaMrocK Wind is the special purpose vehicle to carry out the acquisition in Evalair which is commonly named as Invis Energy.
Upon completion of local administrative procedures, the companies plan to finish the stake acquisition process in late August. Following that, Sojitz through ShaMrocK Wind is expected to get a stake of 29.3% in Evalair which in turn will retain a stake of 40%.
While Mitsubishi UFJ will hold 6.7% stake, Kansai Electric Power will hold 24% stake in the Irish wind portfolio.
Invis Energy is the owner and operator of five wind power plants that generate clean energy through 97 wind turbines to the wholesale electricity market in Ireland under the country’s feed-in tariff system. While two power plants are in County Cork, the other three are located in County Kerry, County Galway and County Clare.
A statement released by Sojitz read: “Sojitz intends to develop and construct new power plants in Ireland utilizing energy generation-related development and operations expertise accumulated in Japan and abroad.
“Additionally, Sojitz plans to further nurture its renewable energy generation business into a pillar of stable revenue within Europe, by actively working on wind power generation businesses not only in Ireland, but it other places in the region anticipating sustainable growth.”
Image: Wind powers of Evalair. Photo: courtesy of Sojitz Corporation.