July 14, 2009

Tokyo, Japan: Mitsubishi and ACCIONA Sign Renewable Energy MOU

Mitsubishi Corporation and Spanish company ACCIONA S.A, the world’s largest leader in renewable energies, have signed a Memorandum of Understanding, for a comprehensive strategic alliance.

Through this alliance, the companies will develop and operate renewable energy projects and share innovation on sustainable solutions worldwide. Both companies have made a firm commitment to promote economic and social development and protect the environment from a global perspective.

Mitsubishi and ACCIONA will jointly develop and operate projects in renewable energy, including PV solar, wind power, solar thermal, and bio-energy. In addition, the agreement covers business opportunities in water management and treatment, as well as sustainable construction and transportation, which play key roles in suppressing greenhouse gas emissions.

As part of the agreement, Mitsubishi and ACCIONA will work together on a global basis, to develop renewable energy projects or invest in companies that fall within the joint strategy framework. The partners' target for the scope of this business is two billion Euros in total (around \260 billion at \130/Euro).

As the first step, MC acquired a 34% share of Portugal’s Amper Central Solar S.A (Amper), which is wholly-owned by ACCIONA. Amper developed and operates the world’s largest PV solar plant in Moura, Portugal, and the 45.8MW facility has already been grid-connected and is now operational. At an investment of 261 million Euros, its estimated annual output is of 93 Gwh (93 million Kwh).

In addition to business investments, the alliance will include joint research and development projects in energy, water, and infrastructure solutions. Training programs and an exchange of personnel will be carried out to help promote best practices and new-value creation in both companies.

Mitsubishi has decided to develop its new energy business, having established the New Energy & the Environment Division as part of its new “Corporate Development Section.” This section was set up on April 1, 2009, and is directly overseen by the company president, Mr. Yorihiko Kojima.

Mitsubishi is intent on becoming a leading player in new energy and environmental businesses. This collaboration with ACCIONA should help in this aim, giving Mitsubishi a solid partnership through which to leverage its industrial strength and global reach.

Further details about: Mitsubishi Corporation and ACCIONA S.A.