Mitsubishi buys into EDF French PV

Mitsubishi has acquired 50% stakes in 56MW of PV in France for about ¥2bn ($20.5m) from the renewables unit of utility EDF Energies Nouvelles (EDF EN).

Diamond Generating Europe (DGE), the Tokyo-based company’s subsidiary in London, purchased 50% stakes in a 36MW installation in Crucey and a 20MW solar plant in Massangis.

The companies are financing 80% of the project costs via loan agreements with institutions in France and Japan.

Both plants began operations in 2012.

In January, DGE and EDF EN started jointly operating 55MW of PV at France’s Toul-Rosières Air Base. Last month, DGE and EDF EN agreed to collaborate on the development of 72MW of onshore wind at four sites in France’s Aisne, Pas-de-Calais and Nord departments.

Mitsubishi is positioning its DGE subsidiary to focus on investments in independent power producer (IPP) assets throughout Europe and the Middle East, it said in a statement.