Mitsubishi Corporation (MBI.DE) and Spanish company Acciona S.A. (ACXIF.PK) 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. The companies said they intend to invest about EUR 2 billion into joint efforts.
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.
As the first step, Mitsubishi acquired a 34% share of Portugal’s Amper Central Solar S.A (Amper), which is owned by Acciona. Amper developed and operates the world’s largest PV solar plant in Moura, Portugal–45.8 megawatts (MW).
In April, Mitsubishi decided to develop its new energy business, having established the New Energy & the Environment Division as part of its new “Corporate Development Section.”
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