Dutch Eneco Sale Completes
Japan's Mitsubish Corp (MC) and Chubu have now acquired all the shares of Dutch utility Eneco through their special purpose vehicle Diamond Chubu Europe, paying €4.1 ($4.8)bn in total, they said March 25.
Both companies have LNG trading businesses which will now be able to add value through the retail network: Chubu owns half of energy trader Jera, which has a tolling agreement with US Freeport LNG; while Mitsubishi is an offtaker and investor in LNG Canada. Another part of the business empire is gas turbine manufacturing, and its customers include Jera.
Eneco is an integrated energy company that is actively engaged in renewable power generation projects. It also offers innovative solutions that make it easier for customers to make the switch to more sustainable and smarter energy consumption in the retail area, they said.
MC said the acquisition was "an opportunity to help reduce greenhouse emissions and realise its vision of simultaneously generating economic, societal and environmental value through its businesses."
Chubu said it was aiming for "mutually beneficial business-model evolution, through which it can create synergies in its energy operations, both in Japan and around the world."