FOR IMMEDIATE RELEASE
Jun. 18, 2004
On June 18, 2004, Mitsui & Co. (U.S.A.), Inc., New York (also referred to as Mitsui USA), the largest wholly owned subsidiary of Mitsui & Co., Ltd., Tokyo (also referred to as Mitsui Tokyo), closed the acquisition of a 50% equity interest in the 160 megawatt (MW) Green Mountain Energy Wind Farm at Brazos ("Brazos Wind Farm") in Texas, from Padoma Resources I, Inc. for approximately $87 million. This is Mitsui's first wind power project outside Japan.
Brazos Wind Farm was completed in December 2003 with 160 units of 1,000 kilowatt large wind turbines supplied by Mitsubishi Heavy Industries Limited, a leading Japanese giant in supplying electricity generating equipment including large wind turbines. This project will sell generated power, on a long-term basis, to a local power distributor, TXU Energy, a subsidiary of TXU Corp, to cover approximately 30,000 homes in Texas.
Brazos Wind Farm is also owned 50% by Shell WindEnergy Inc., a 100% subsidiary of Shell Oil Company. Since 1997, Shell has focused on wind and solar energy businesses with such projects in more than 75 countries. Mitsui Tokyo and Shell have already participated in the Sakhalin-2 gas and oil project in Russia's Far East, and will extend the collaboration to renewable energy.
The wind power business is expanding rapidly, and global wind power generating capacity is expected to grow to 95,000MW by the end of 2008 from 40,000MW in 2004. Mitsui Tokyo has plans for more wind power projects in America, Europe and other regions of the world.
About Shell WindEnergy Inc.
"Shell WindEnergy" collectively refers to the companies of the Royal Dutch/Shell Group of Companies that are engaged in the pursuit and development of businesses related to wind energy. Each of the companies which makes up the Royal Dutch/Shell Group of Companies is an independent entity and has its own separate identity. Shell WindEnergy Inc. is part of Shell Renewables, one of five core businesses of the Royal Dutch/Shell Group of Companies, established in 1997 to pursue commercial opportunities in solar photovoltaic and wind energy. In addition to Brazos, Shell WindEnergy Inc. owns five operating wind farms in the United States: Rock River 1 in Wyoming (50 MW); White Deer in Texas (80 MW); Cabazon Pass in California (40 MW) and Whitewater Hill (62 MW) in California; Colorado Green in Colorado (162 MW). In Europe, Shell WindEnergy BV owns a 40-percent share of the La Muela Wind Park, a complex of two 49.5MW wind farms in northeast Spain. For more information, please visit www.shell.com/renewables.
For inquiries on this matter, please contact
Mitsui & Co. (U.S.A.), Inc.
The information contained in this news release is true and accurate at the time of publication; however, it may be subject to change without prior notice.