Mitsubishi has acquired a 50% stake in the 55MW tranche 1 of the Toul–Rosières solar power plant in France from EDF Energies Nouvelles (EDF EN) for undisclosed amount.
The Toul-Rosières solar power plant complex has an overall capacity of 115MW and is located at a former NATO military airbase that is spread across 522ha in eastern France.
This is the MC’s first acquisition of a photovoltaic power generating asset in France.
EDF EN, which is a unit of the French electric utility EDF and the joint owner of the project, will procure the electricity purchased at Toul-Rosières tranche 1 under a 20-year power purchase agreement.
EDF EN executive VP Emmaanuel Jaclot termed the transaction a key milestone in the development of the company’s partnership with Mitsubishi.
Mitsubishi executive vice president Nobuaki Kojima added, "We are quite satisfied to be with a strong partner in France and we will ensure to expand our collaboration."
The diversified Japanese company is looking to enhance its global power generation capacity to 6GW by 2015 from the current 4.5GW with renewable energy making up 20% of the portfolio.