Mitsubishi and Chubu to Buy Eneco

A consortium of Mitsubishi Corporation and Chubu has reached an agreement with the Dutch energy company Eneco on the proposed sale of all shares in Eneco for a total equity value of EUR 4.1 billion.

Mitsubishi will control an 80% stake in Eneco, with Chubu holding the remaining 20%. Mitsubishi also plans to transfer part of its offshore wind activities (more than 400 megawatts) to Eneco.

Through the transaction, Eneco will become the European centre for all energy-related activities of Mitsubishi and Chubu. Eneco will remain intact as an integrated and independent Dutch energy company.

Eneco and Mitsubishi have been cooperating since 2012. In 2013, Mitsubishi acquired a 50% stake in the 129MW Eneco Luchterduinen offshore wind farm in the Dutch North Sea from Eneco.

Eneco and Mitsubishi are also partners in the development of the 370MW Norther wind farm off the Belgian coast. The two companies jointly own a 50% stake in the project.

As reported earlier, Shell and Dutch pension fund PGGM were also in contention to buy Eneco, as well as Rabobank.