Japan’s Mitsui acquire 50% of $400m wind power project in Mexico

Japanese diversified trading firm Mitsui & Company Ltd (TYO:8031) said it would buy a 50% interest in French renewable energy company EDF Energies Nouvelles SA’s Eoliatec del Istmo SAPI de CV, which owns the Bii Stinu Wind Project in Mexico.

In particular, Mitsui will buy the stake via its newly set-up unit MIT Renewables Mexico SAPI de CV under an agreement with EDF Energies Nouvelles’ subsidiary EDF EN Mexico S de RL de CV.

The project, with a total cost of some MXN5.1bn (USD399m/EUR305m), is located in Oaxaca, Mexico and has capacity of 164MW. It is still under construction and is slated to start commercial operation in June 2013 to provide energy to five major corporations under 15-year power purchase accords, Mitsui noted.

Through the deal, Mitsui will reach participation in 2,922MW of gross generation capacity in Mexico, it said.