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Mitsubishi Corp. subsidiary to acquire 33.4% stake in wind farm developer

Mitsubishi Corp. has agreed to acquire a 33.4% stake in Moray Offshore Windfarm (East) Ltd., or MOWEL, Mitsubishi Heavy Industries said in a March 25 release.

The acquisition will be made through its wholly owned U.K.-based subsidiary Diamond Generating Europe Ltd., or DGE, with Spanish renewable energy company Edp Renewables Europe SL, or EDPR.

DGE has become one of the main MOWEL shareholders, along with EDPR and ENGIE, the release said.

In 2018, MOWEL will start construction of an offshore wind farm in the North Sea off the coast of Scotland, which will have a maximum capacity of 950 MW. It is scheduled to be commissioned in 2022.