Participation in renewable energy power generation projects in Canada

Dec. 17, 2012

Main Contents

Mitsui & Co., Ltd ("Mitsui", head office: Tokyo, President & CEO; Masami Iijima), has agreed with GDF SUEZ Canada Inc. ("GDFS-C"), part of the global energy group GDF SUEZ S.A., to participate in the renewable energy power generation projects in Canada ("Project") currently developed and operated by GDF SUEZ Canada. Mitsui, through MIT Renewables Inc. ("MIT-RE"), its newly established subsidiary, has acquired 30% ownership of this Project, which is valued in excess of C$ 2 billion.

As summarized in the table below, the Project is composed of 10 wind farms totaling 660 MW and 2 solar photovoltaic power plants totaling 20MW nationwide in Canada, selling the electricity in accordance with long term power purchase agreements with respective provincial electric utilities. Among the 12 projects, 7 wind farms have started commercial operation and the other 5 projects are currently under development or construction. In addition, there is an expansion opportunity under development to add approximately 50 MW to an existing site to bring the total generation capacity of the project portfolio to 730 MW. The Project contributes to energy saving and environmental improvement as well as stable power supply in Canada, including the Province of Ontario, which promotes clean energy with its significant commitment to renewable energy.

A loan agreement on a project finance basis has been executed for the 5 projects under development or construction including the aforementioned expansion opportunity, with Japan Bank for International Cooperation ("JBIC") and a group of commercial banks composed of The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation on December 14 ("JBIC Facility").

GDFS-C has also simultaneously completed a sale of another 30% ownership of this Project to a consortium led by the Canadian infrastructure fund, Fiera Axium Infrastructure Inc. ("Fiera Axium"), and from now on GDFS-C, MIT-RE and Fiera Axium together will own, operate and develop the Project.

Mitsui will contribute to the development and operation of the Project by leveraging its expertise from its abundant experience in the overseas power business. With the participation in this Project, Mitsui now holds approximately 5,761MW, on an installed generating capacity basis, including projects under construction, out of which 380MW comes from renewable energy, accounting for approximately 7% of the above generating capacity. Amid the growing need for renewable energy in view of sustainability and reduction of carbon dioxide emissions, Mitsui will further pursue renewable energy projects in Canada and elsewhere, thereby contributing to the development of a low-carbon social infrastructure.

Project overview

1) Ownership

GDF SUEZ Canada 40%
MIT Renewables 30%
Fiera Axium 30%

2) Project List

Please scroll horizontally to look at table below.

Project Name Province(*1) Type COD(*2) Installed Capacity Joint Venture Ownership Remarks
Norway PEI Wind 2007 9MW 100% Under commercial operation
SOP ON Wind 2008 40MW 100% Under commercial operation
West Cape PEI Wind 2009 99MW 100% Under commercial operation
Caribou NB Wind 2009 99MW 100% Under commercial operation
Harrow ON Wind 2010 40MW 100% Under commercial operation
PAR ON Wind 2011 49MW 100% Under commercial operation
Plateau ON Wind 2012 27MW 100% Under commercial operation
ELSC ON Wind 2013E 99MW 100% Under construction
Erieau ON Wind 2013E 99MW 100% Under construction
Covered by JBIC Facility
Cape Scott BC Wind 2013E 99MW 100% Under construction
Covered by JBIC Facility
Cape Scott Expansion (*3) BC Wind 2014E 50MW 100% Under development
Covered by JBIC Facility
Brockville ON Solar PV 2013E 10MW 60%(*4) Under construction
Covered by JBIC Facility
Beckwith ON Solar PV 2014E 10MW 60%(*4) Construction to start in Q2 2013
Covered by JBIC Facility
Total 730MW  

*1 PEI: Prince Edward Island, ON: Ontario, NB: New Brunswick, BC: British Columbia
*2 Commercial Operation Date ("COD")
*3 Expansion opportunity under development at the Cape Scott site to add incremental 50 MW of capacity
*4 Plan to buy out the minority shareholder's ownership of 40% at COD


Company GDF SUEZ S.A.
Head Quarter Paris, France
President Gérard Mestrallet (Chairman & CEO)
Business Electricity, natural gas, and energy and environmental services
Foundation date July, 2008

Fiera Axium

Company Fiera Axium Infrastructure Inc.
Head Quarter Montreal, Canada
President Pierre Anctil (President & CEO)
Business Investment in infrastructure sector
Foundation date July, 2008

Investment Structure

Investment Structure

Photo of Norway Wind Project

Photo of Norway Wind Project

This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement 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.




For inquiries on this matter, please contact

Mitsui & Co., Ltd.
Corporate Communications Division
Telephone: +81-80-5912-0321
Facsimile: +81-3-3285-9819
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