Mitsubishi Corporation (MC), Innovation Network Corporation of Japan (INCJ) and Solar Ventures have acquired the complete assets of Solar Holding, which is already under Solar Ventures' management.
The assets acquired total 42MW of photovoltaic installations in Italy, currently managed by Solar Ventures.
Electricity generated by the 19 plants across Piedmont, Sardinia and Apulia caters to the requirements of 20,000 households in the region.
On conclusion of the transaction, MC will own 50% of Solar Holdings while INCJ and Solar Ventures will have a 35% and 15% stake respectively.
Mitsubishi executive vice president Nobuaki Kojima said that the company was looking to enter the Italian solar market as it believes that the Southern European countries such as France and Italy are good markets for the business.
The three companies are looking to further enhance their solar business in Italy with the acquisition of an additional 100MW-150MW PV plants.
Solar Ventures and MC will manage the origination and the transaction activities on behalf of the joint venture, while Solar Ventures will provide plant management services after the acquisitions.
INCJ president and CEO Kimikazu Noumi noted, "INCJ is looking at growth potential of solar IPP business as one of major power sources in global renewable energy market.
"We are also very glad to establish a strategic partnership with MC, a Japanese frontrunner in this sector in Europe and with Solar Ventures , a local partner leaded by strong and well experienced management team."