Tokyo, July 1, 2010 - (JCN Newswire) - Mitsubishi Corporation invests in Solar PV Power Generation Project in Thailand
Mitsubishi Corporation (MC) has invested in the Changwat Lop Buri power generation project in Thailand. In terms of scale, the 73 MW solar photovoltaic (PV) project ranks among the world's largest PV projects currently scheduled for production.
Through its Hong Kong based, wholly owned subsidiary Diamond Generating Asia Limited (DGA), MC will develop the Changwat Lop Buri project together with partners Hong Kong utilities company CLP Holdings Limited (CLP), and Electricity Generating Public Company Limited (EGCO), one of Thailand's largest IPPs.
Natural Energy Development Co., Ltd. (NED), a company jointly established and equally owned by DGA, CLP and EGCO, will construct the plant and sell electricity for a 25-year period to the Electricity Generating Authority of Thailand ("EGAT"). The new plant will begin operations by the end of 2011.
The total project cost is approximately 250 million US dollars. NED has signed a Supply and Construction Agreement with a consortium comprising SHARP Corporation, Italian-Thai Development Public Company Limited, and Ital Thai Engineering Co., Ltd., and a Financing Agreement with the Asian Development Bank and Thai Commercial Banks.
Thailand is the first country in Southeast Asia to adopt an official plan for renewable energy development. By the year 2022, Thailand hopes to satisfy 20% of its domestic energy need through renewable sources. Hopefully a successful Changwat Lop Buri project will help Thailand to achieve this goal.
DGA was established in April, 2009 to invest in and develop IPP projects in Southeast Asia and Taiwan. Apart from the Changwat Lop Buri plant, DGA owns interest in other power generation projects in Thailand and Taiwan. DGA is also developing large, coal-fired-thermal power generation projects in Vietnam and Indonesia, and plans to help develop new IPP projects as well, especially in Southeast Asia where there is expected to be a considerable rise in the demand for electricity.
In March, 2009, MC signed an agreement with Spain's ACCIONA S.A., one of the world's largest renewable energy companies, to acquire 34% equity interest in Amper Central Solar S.A..
Furthermore in April, 2010, MC newly established its Global Environment Business Development Group to strengthen infrastructure business in this burgeoning field. Operations covered by this Group include renewable energy, power generation, environmental solutions, and water business. MC's goal is to be recognized as one of the world's leading companies in the renewable energy market.
About Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058; ADR: MSBHY) is Japan's largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, Mitsubishi Corporation employs a multinational workforce approximately 55,000 people. The Group has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise. Mitsubishi Corporation's commitment to social responsibility is embodied in its corporate philosophy and demonstrated through its extensive programme of cultural, environmental and educational projects worldwide. For more information, please visit www.mitsubishicorp.com .
Contact:
Gyo Katsuta
Corporate Communications Dept.
Mitsubishi Corporation
Tel: +81-3-3210-2172
July 1, 2010
Source: Mitsubishi Corporation
Mitsubishi Corporation (TSE: 8058) (FTSE: MBC)
From the Japan Corporate News Network
http://www.japancorp.net
Topic: Investment
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