Mitsubishi, ACCIONA sign MOU

Japan’s Mitsubishi Corp. and Spanish renewable energy company ACCIONA S.A. have signed a strategic alliance to develop and operate renewable energy projects in Madrid on July 13, with “the firm commitment to promote economic and social development and protect the environment with a global perspective”. According to a joint statement, they will jointly develop projects in renewable energy and pursue international business opportunities in water management and treatment, as well as sustainable construction and transportation around the globe. Mitsubishi and ACCIONA will target an investment of €2 billion (US$2.78 billion) for their renewable energy projects. Both partners may also take equity stakes in projects or companies that fall within the joint strategy framework or that strengthen their partnership. As a first step on the collaboration, Mitsubishi and ACCIONA took a 34% equity stake in a 93 million kilowatt hour per year solar plant in Portugal in March worth €261 million (US$362.21 million). (June 1/ July 13, 2009)