A consortium featuring Mitsubishi and Japanese utility Chubu is set to buy out European energy major Eneco as Mitsubishi targets further European growth.
The shareholders' committee, Eneco and the consortium have reached an agreement on the proposed sale of all shares in Eneco.
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In sealing the deal, the Mitsubishi-led consortium has fended off fierce interest from other would-be suitors including O&G major and Eneco compatriot Shell.
The €4.1 billion (£3.5 billion) deal will see Mitsubishi take an 80% stake in the company with Chubu holding the remaining 20%, pending regulatory approval of the transaction.
It is set to cement Mitsubishi’s place in the European supply market as it pursues “further growth”, having already purchased a 20% sake in UK utility OVO.
Notably, for readers of Energy-Storage.news, Mitsubishi Corporation and Eneco's joint venture (JV) deployed a 50MWh battery energy storage system (BESS) project in Jardelund, Germany, supplied by NEC and as of the time of its commissioning in 2018, Europe's largest battery storage facility.
To read the full version of this story, including a more detailed look at the proposed ownership structure post-takeover, visit Current±.