Mitsubishi Corporation and ACCIONA sign an international strategic alliance focused on sustainability

Agreement aims at global leadership in the development of renewable energy.

Mitsubishi Corporation, the Japanese general trading company (sogo shosha), and ACCIONA, the Spanish leader in renewable energies, infrastructure and water services, have signed a strategic alliance to develop and operate renewable energy projects and share innovation aimed at leading the development of sustainable solutions worldwide. Both companies signed the Memorandum of Understanding today 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 targeting two billion Euros for working together on 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.

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 euros, 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.

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.

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."

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."

Mitsubishi Corporation (MC) is Japan's largest general trading company (sogo shosha) and has operations in approximately 80 countries worldwide. The Group comprises 500 companies and employs a multinational workforce of approximately 60,000 people. MC has a longstanding commitment to clients worldwide in a broad range of industries, including energy, metals, machinery, chemicals, food and general merchandise. MC’s stated mission is to contribute to the enrichment of society through business firmly rooted in principles of fairness and integrity.

ACCIONA is one of Spain’s leading business corporations. The Company operates in infrastructure, energy, water and services in more than thirty countries. Its corporate motto, “Pioneers in Sustainable Development”, reflects the Company’s commitment to contributing to economic growth, social progress and environmental balance. ACCIONA is a sector leader in the Dow Jones Sustainability Index. It employs more than 35,000 people worldwide and revenue in 2008 came to €12.67 billion. ACCIONA is quoted on the Spain’s IBEX-35 blue-chip stock market index (ANA.MC).