Mitsui to sell interest in C2C Power in Canada
LONDON--(BUSINESS WIRE) -- Mitsui & Co. has entered into an agreement with Axium Infrastructure to sell its entire interest (30%) in C2C Power LP, which has operated 12 assets of wind and solar power generation portfolio in Canada.
Axium and Mitsui are existing partners of the project through each of its affiliate, together with Engie Canada Inc. Mitsui has invested in the project through its investment company MIT Renewable Inc., which executed a purchase and sale agreement with a new limited partnership led by Axium.
The Projects’ enterprise value is approximately C$ 1.9billion. This transaction will be effective after relevant regulatory approval and a process under existing shareholders’ agreement in relation to first refusal right, which are expected to be completed by the end of March 2020.
In Mitsui’s business plan for the fiscal year ending in March 2020 announced on April 26 of this year, Mitsui states that cash flow focused management/strengthening of the financial base continues to be one of its key initiatives. In line with the plan, this asset divestment was conducted as a part of the strategic asset recycling, and the expected capital gain from this transaction is largely incorporated in the business plan.