Mitsubishi Corp. and (MC) and Chubu Electric Power Inc. (Chubu) has completed their acquisition of Ducth energy company Eneco.
The two firms have been selected as the preferred buyers in a bid for Eneco in November 2019, according to a report.
MC and Chubu officially acquired all shares of Eneco through a joint venture in the Netherlands, a special purpose company called Diamond Chubu Europe B.V.. The total value of acquisition is 4.1 billion euros.
Eneco is an integrated energy company focused on renewable power generation projects. It also provides solutions to customers to make the switch to more sustainable and smarter energy consumption.
MC hopes to accelerate its own renewable developments in Europe and around the world, with Eneco’s acceleration. Meanwhile, Chubu is aiming for mutually beneficial business-model evolution through which it can create its energy operations in Japan and around the world.
Both firms said they are “excited” about increasing the growth to help improve quality of life, proceed with low-carbon societies, and find solutions to some of the world’s most serious problems.