Mitsubishi Corp enters into finance agreement and divests 50% share in 950 MW UK offshore wind project

Mitsubishi Corporation (MC) announces the divestment of shares in Diamond Green Limited, with 30% to be transferred to The Kansai Electric Power Co., Inc (KEPCO) and 20% to Mitsubishi UFJ Lease & Finance Company Limited (MUL). Diamond Green is an intermediate holding company wholly owned by Diamond Generating Europe, which itself is a wholly owned subsidiary of MC based in the UK. DGE has been MC’s executing arm for the Moray East Offshore Windfarm Project located in the North Sea, 22 km off the coast of Scotland. With this transaction, KEPCO and MUL now join Moray East Offshore Windfarm’s existing shareholders DGE, EDP Renewables of Spain and ENGIE of France to further develop the Moray East Offshore Windfarm project.

The project has also entered into a project finance agreement with several banks, including the Japan Bank for International Cooperation (JBIC). This project will now move into the construction stage, with commercial operation expected for 2022.

The offshore wind farm will use 100 units of the V164-9.5MW turbine. It will generate electricity for nearly one million UK households, when it is fully commissioned.