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- Mitsui & Co., Ltd.
Corporate Communications Division
Mitsui & Co., Ltd. ("Mitsui") participates in Perenia Pty Ltd, a Sydney based environmental consulting firm which aims to work with Australian businesses in realizing opportunities while managing risks as Australia progresses towards a low carbon economy with the introduction of the Carbon Pollution Reduction Scheme (CPRS). Perenia is a joint venture involving two of Australia's leading clean technology companies-Snowy Mountains Engineering Corporation ("SMEC") and Pacific Hydro-and Mitsui. With participation in Perenia, Mitsui takes the lead in entering into the Australian carbon market, which has high future growth potential.
Business practice in Australia needs to be changed because not only the new legislation but shareholders and the wider community are demanding companies and organizations take a proactive role in reducing their environmental impact. Perenia will assist businesses to reduce their emissions by tailoring solutions to find optimal strategies. Perenia will not only identify solutions but also apply the technical and financial resources of its shareholders to the successful implementation of abatement projects. As Australia is in a close business relationship with Japan, many Japanese firms have operations in Australia. Perenia aims to provide its services to these businesses as well.
The three partners in Perenia (Mitsui, SMEC and Pacific Hydro) are all experienced in developing renewable energy projects to reduce greenhouse gas emissions and are already realizing substantial international business opportunities from emissions trading. Using its experience and expertise, Perenia aims to develop renewable energy projects, under the Clean Development Mechanism (CDM) of the Kyoto Protocol, that create carbon credits, mainly in Asia-Pacific and South America
Since 2000, Mitsui has been active in developing CDM projects, and through Perenia, Mitsui aims to boost its effort to develop renewable energy CDM projects and to increase transactions of carbon credits generated from such projects. Mitsui will also continually search for opportunities to invest in renewable energy projects, such as solar and wind.
SMEC, or Snowy Mountains Engineering Corporation, is one of the world's leading engineering and development consultancies, with over 4,000 employees and operations throughout Australia, Asia, the Middle East and Africa.
SMEC provides Perenia with consulting services for the design and implementation of emission reduction projects through specialist expertise encompassing the power, water, civil infrastructure and environmental sectors. SMEC supports Perenia with consulting services in engineering, project management, environmental management and development activities.
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Pacific Hydro is Australia's premier renewable energy company and one of the largest independent, specialist renewable energy businesses in the world.
Pacific Hydro provides Perenia with experience in the development and operation of large scale energy projects, registration of Clean Development Mechanism projects, transaction of carbon credits and GreenPower rights, and the trading of electricity.
For more information please visit
This press release includes forward-looking statements about Mitsui. These forward-looking statements are based on the current assumptions and beliefs of Mitsui in light of the information currently available to it, and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, performance, achievements or financial position to be materially different from any future results, performance, achievements or financial position expressed or implied by these forward-looking statements. The risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest annual report on Form 20-F, which has been filed with the U.S. Securities and Exchange Commission.
This press release is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.