Mitsubishi HC Capital and Brookfield Asset Management have launched a renewable energy joint venture seeded with a €400m portfolio of assets across the UK, Spain, Sweden, Finland, France and Ireland.
The newly created company, which will acquire and operate a portfolio of contracted, operating renewable energy assets in Europe, has been seeded with 570MW of assets contracted under long-term power purchase agreements.
The pair said the joint venture is also evaluating potential future acquisitions of additional European and Australian renewable energy assets, focusing on onshore wind, utility-scale solar and battery energy storage systems.
Hayato Shinada, senior corporate officer, global environment and energy department, general manager of Mitsubishi HC Capital, said: “By combining Mitsubishi HC Capital’s financial and investment expertise with Brookfield’s asset management capabilities, we will build and scale our business platform to deliver reliable and sustainable operations.
“In addition, we will leverage expertise in development and operations gained through our broader European renewable energy partners, including European Energy. As the importance of renewable energy continues to grow, particularly from an energy security perspective, we will leverage our European platform to expand globally and pursue growth opportunities, driving long-term value creation.”
Ignacio Paz-Ares, deputy CIO for Brookfield’s energy group, said: “We are pleased to partner with Mitsubishi HC Capital to launch a scaled renewable energy platform anchored by a diversified seed portfolio of high-quality operating assets.
“With the potential to deploy significant additional capital into a pipeline of renewable power assets, the platform is well positioned for growth across Europe and Australia.”
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