Mitsubishi-led consortium acquires solar power portfolio in Italy

Source:Mitsubishi Corp.

Mitsubishi Corporation (MC), Innovation Network Corporation of Japan (INCJ) and Solar Ventures have acquired 100% of Solar Holding, a company holding a total of 42 MWp of photovoltaic (PV) plants under operation in Italy , already managed by Solar Ventures.

After the transaction MC owns 50% of the Company, along with INCJ 35%, and Solar Ventures 15%.

Solar Holding is one of the leading solar energy producers and plant operators in Italy, generating over 42 MWp with 19 plants in the regions of Piedmont, Sardinia and Apulia. The company’s energy production capacity matches energy needs of 20,000 households.

All plants are equipped with silicon based solar panels from renowned top tier manufacturers, and constructed by leading power plant contractors. They were built at the early stage of the spread of PV installations, and far exceeding energy production expectations.

Italy is the second largest country worldwide in terms of PV installations (around 16 GW) next to Germany (around 32 GW). Its abundant solar irradiation makes solar energy production highly efficient.

This is the first investment in Italy for MC and INCJ.

The three shareholders are very positive about further developing/growing the solar business in Italy and plan to acquire an additional 100 – 150 MWp of PV plants in Italy to become one of the largest players in the country. Solar Ventures and Mitsubishi Corporation will manage the origination and the transaction activities on behalf of the joint venture. After the acquisitions, Solar Ventures will provide plant management services.

“Italy is the country where we want to make our footprint in the solar market”, said Nobuaki Kojima, Executive Vice President of Mitsubishi. “Mitsubishi is very active in renewable investments in the world, and we believe that Southern European countries such as France and Italy are good markets for solar business. We are also very happy to partner with INCJ for solar business investments in Europe and with Solar Ventures, who has solid solar expertise and a strong management team, as local partner.”

 “INCJ is looking at growth potential of solar IPP business as one of major power sources in global renewable energy market. For us, the investment in Solar Holding is a strategic investment with the aim to promote innovation and enhancing the value of businesses in solar IPP of the renewable energy sector. 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,” said Kimikazu Noumi, President and CEO of INCJ.

 “We are very proud and excited to partner with the largest Japanese trading company and the strategic fund of the Japanese”, said Michele Appendino, founder and Chairman of Solar Ventures. “Through Mitsubishi’s very extensive worldwide IPP capacity and INCJ’s impressive financial strength and investment capability, this partnership will enable us to leverage our deep knowledge of the Italian solar market and our transactional and operational skills in the sector to jointly create one of the market leaders in Italy. We also hope that this partnership will be the first step towards a broader cooperation in other countries as well.”

 

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