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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo; President & CEO: Tatsuo Yasunaga) announced that it has completed the sale of its entire stake (15% of shares) in ITM Investment Company Limited ("ITMI") to Tokyo Electric Power Company International B.V., a wholly owned subsidiary of Tokyo Electric Power Company Incorporated, on May 14, 2015.
ITMI is an investment company that was established between Mitsui, Tokyo Electric Power Company International B.V., and International Power plc of UK (now called ENGIE [previously called GDF SUEZ Energy International]), and through ITMI Mitsui invested in the Umm Al Nar Power and Water Project in the UAE.
In its new Medium-term Management Plan announced in May of last year, Mitsui, backed by strong cash generation capabilities, stated that growth-oriented investment and shareholder return shall be implemented in a well-balanced manner as a basic policy. In line with this policy, Mitsui executed the said sale aimed at accumulation of good quality assets and enhancement of its asset portfolio through strategic asset recycling.
|(1) Location||Sas Al Nakhl Island, Abu Dhabi, UAE (15 km east of Abu Dhabi)|
|(2) Project Cost||Approx. 250 billion yen ($2.1 billion)|
|(3) Capacity (Power)||2,200MW|
|(4) Capacity (Water)||650,000 t/day|
|(5) Plant Type||Combined Cycle|
|(6) Main Fuel||Natural Gas|
|(7) Gas Supplier||Abu Dhabi Water and Electricity Company (ADWEC)*
*ADWEC purchases natural gas from Abu Dhabi National Oil Company (ADNOC).
|(8) Off-Taker||Abu Dhabi Water and Electricity Company (ADWEC)|
|(9) Term||Twenty-year BOO (build-own-operate)* project, commencing from commercial operation of the new plant in 2007
*A project model in which a private organization finances and builds a facility, and maintains, operates, and owns it for a certain period of time.
|(10) Consortium||TEPCO / Mitsui / International Power|
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.