Mitsubishi Commences Construction and Partially Transfers Shares In Dutch Offshore Wind Farm Project

Mitsubishi Corporation (MC) is pleased to announce the achievement of financial close and commencement of construction of Borssele III/ IV Offshore Wind Farm in the Dutch North Sea, in which MC holds shares through its UK based wholly owned subsidiary, Diamond Generating Europe Limited (DGE). Prior to this milestone, DGE has divested part of its shares held to funds managed and/or advised by Partners Group, a global private markets investment manager. Partners Group is the fifth member of the Borssele III/ IV consortium, currently comprised of Eneco Group, Royal Dutch Shell, Van Oord and DGE. Total power generating capacity of the wind farm is 731.5MW, with the construction at sea/field starting from the middle of 2019 and commercial production starting in 2021.

Offshore wind power installations in Europe are projected to reach 50 GW in total capacity by 2030. Driven by a growing momentum towards ESG investment, many companies and institutional investors aim to expand their renewable energy portfolios by entering projects after key risks are mitigated. The mutually beneficial share transfer between Partners Group and DGE, allows Partners Group to enter the Borssele III/ IV project in its construction phase, and DGE to further optimize its power generation portfolio through a re-profiling of assets.

Through DGE, MC has participation in four offshore wind power projects in Europe including Borssele III/ IV, with a collective power generation capacity of over 2GW. MC will continue participating in projects that simultaneously generate economic, societal, and environmental value, and leverage its operational experiences to further invest in offshore wind. By so doing, MC aims to accelerate its progress towards achieving a renewable energy composition of over 20% of total attributable power generation by 2030.