Mitsubishi Corporation and Acciona sign an international strategic alliance to develop and operate renewable energy projects and share innovation

The Japanese giant, Mitsubishi Corporation, and Acciona, a leading company in renewable energies, infrastructure and water services in Spain, have signed a strategic alliance aimed at leading the development of sustainable solutions worldwide. Both companies signed the Memorandum of Understanding on Monday in Madrid with "the firm commitment to promote economic and social development and protect the environment with a global perspective".

Mitsubishi Corporation and Acciona will jointly develop projects in renewable energy - a field in which Acciona has already established a strategic global presence and a leadership position in wind power, solar thermal, PV solar energy and bio-energy. In addition to renewable energy, the agreement envisages that both companies will pursue international business opportunities in water management and treatment, as well as sustainable construction and transportation. The geographic area of the strategic alliance shall be all parts of the world, making the most of the technological and geographical strengths of each partner.

As part of the agreement, and to make the alliance effective, Mitsubishi and Acciona are to earmark €2 billion for joint renewable energy projects worldwide. In addition, both partners may take equity stakes in projects or companies that fall within the joint strategy framework or that strengthen their partnership. The management of projects and joint initiatives and the development of the alliance will be overseen by a management committee with an equal number of representatives from both companies.

Mikio Sasaki, Chairman of the Board of Mitsubishi Corporation, states that "we have shown our commitment to the new energy sector this April, having positioned new energy and the environment as a "Corporate Development Division". Our objective is to become a leading player in new energy and environmental businesses. We intend to actively pursue new opportunities together with Acciona by bringing our industrial strength and global reach to the partnership."

Along these lines and as a first step on the new path of collaboration, Mitsubishi Corporation teamed up with Acciona in March this year by taking a 34% equity stake in the world’s largest PV solar plant, in Amareleja, Moura (Portugal). The 45.8 MWp facility is the world’s largest grid-connected solar plant. It represented an investment of €261 million, and its estimated annual output is of 93 million KWh. The Amareleja PV solar plant is a landmark project thanks to its generation capacity, state-of-the-art technology and contribution to local economic development: three elements that made it an ideal launch pad for the collaboration between Acciona and Mitsubishi. Both partners are already studying a range of future projects aimed at taking their collaboration further.

José Manuel Entrecanales, Chairman & CEO of Acciona, is convinced that "our experience and know-how in renewable energy and sustainability – whether in terms of our technological breadth or international footprint – gives us a clear view of where opportunities will develop. Our alliance with the global leader Mitsubishi gives us access to financial resources, innovation, industrial muscle and global reach, which will create outstanding opportunities to accelerate the implementation of projects and expansion into new markets."

The alliance will go beyond specific business opportunities and will include joint research and development projects in energy, water and infrastructure solutions which have sustainability as their prime concern. Moreover, training program and staff exchanges will be carried out to contribute to the implementation of best practices in both companies.

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