-- (JCN Newswire)
Mitsubishi Corporation (MC), Nippon Paper Industries Co., Ltd. (NPI) and Chubu Electric Power Co., Inc. (Chubu Electric) have signed an agreement for the establishment of a joint venture company (the Company) to build and operate a 100MW class coal-fired power facility in Shizuoka Prefecture, Japan.
MC will hold 70 percent of shares in the Company, while NPI and Chubu Electric will each hold 20 percent and 10 percent respectively. The power generation facility will be owned by the Company and will be installed on the premises of NPI's Fuji factory Suzukawa located in the town of Fuji, Shizuoka. The power generated will be sold to Diamond Power Corporation.
Having worked with a number of specific enterprises to supply steam electric power through on-site generation projects, MC has developed a strong background in the business and will draw on that experience and know-how to deepen its involvement in the wholesale power business.
In keeping with "New Strategic Direction", the company's recently released corporate strategy, MC is aiming to double earnings in non-resource businesses and to create a more diverse portfolio in line with the company's long-term growth vision of creating multiple sizeable "winning businesses" towards 2020. In this context, MC will continue to pursue investment opportunities in the power generation business.
About Mitsubishi Corporation
<BR /><BR />Mitsubishi Corporation (MC; TSE: 8058) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, foods, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 bases of operations in approximately 80 countries worldwide and a network of over 500 group companies, MC employs a multinational workforce of nearly 60,000 people. For more information, please visit www.mitsubishicorp.com.
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