Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) has entered into an agreement with Brookfield Renewable Partners L.P.("Brookfield Renewable") and its institutional partners, to sell Mitsui's entire interest in First Hydro(*) in the U.K., which is one of the power assets wholly owned by IPM Holdings (UK) Limited, a joint venture of Mitsui and ENGIE (Mitsui 25%, ENGIE 75%). Brookfield Renewable is one of the world's largest publicly traded pure-play renewable power platforms.
In its new Medium-term Management Plan announced on May 9 of this year, Mitsui states that cash flow focused management/strengthening of the financial base is one of its key initiatives, and Mitsui accordingly plans to implement steady, strategic asset recycling over the coming three years. In line with the plan, this asset divestment was conducted as a part of the abovementioned strategic asset recycling, and some of the expected capital gain from this transaction are incorporated in the business plan for the fiscal year ending in March 2018, which was published on May 9, 2017.
(*) First Hydro consists of Dinorwig Power Station (1,728MW) and Ffestiniog Power Station (360MW)
1. Outline of First Hydro
|Location||North Wales, U.K.|
|Generation Capacity||2,088MW (Nameplate Capacity)|
|Fuel Type||Hydro (Pumped Storage)|
|Buyer of Electricity||U.K. electricity wholesale market|
|Commencement of Operation||1963 and 1983|
2. About Brookfield Renewable
Brookfield Renewable Partners operates one of the world's largest publicly traded, pure-play renewable power platforms. Its portfolio consists of hydroelectric and wind facilities in North America, Latin America and Europe and totals more than 10,000 megawatts of installed capacity. Brookfield Renewable is listed on the New York and Toronto stock exchanges. Further information is available at https://bep.brookfield.com.
Brookfield Renewable is the flagship listed renewable power company of Brookfield Asset Management, a leading alternative asset manager with $250 billion of assets under management.
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.