Through their joint establishment of a special purpose company in the Netherlands called Diamond Chubu Europe B.V., MC and Chubu expect to acquire up to 100% of Eneco’s shares at a value of 4.1 billion euros.
Eneco was beating off rival bids from Shell and private equity firm KKR.
Active mainly in the Netherlands, Belgium and Germany, Eneco boasts the second largest share of the Dutch energy market, with a portfolio that includes an installed capacity of approximately 1,200 megawatts in renewable energy assets.
Its businesses include power generation (partly via its renewable assets), the trading and sale of both gas and electricity, and the supply of district heating systems.
In 2007, Eneco became one of the first energy companies to adopt a sustainable strategy, its aim being to lead Europe’s transition to renewable energy sources.
The company has been a 100% green energy provider to its consumers clients since 2011, offering innovative solutions that make it easier for customers to make the switch to more sustainable and smarter energy consumption.
Eneco’s sustainable strategy also helped it to become the first Dutch company admitted to the Science Based Targets initiative.2 The company is recognized by environmental groups as an active participant in climate change countermeasures.
MC and Eneco began working together in 2012, and their collaboration has successfully developed three offshore wind projects (1,230 megawatts) and one of Europe’s largest battery storage projects (48 megawatts).
By enhancing its relationship with Eneco and leveraging the latter’s strengths as a developer and operator of renewable assets, MC plans to accelerate its own initiatives in renewable energy, which are in line with its mission to help realize more sustainable communities by generating economic, societal and environmental value.
As stated in its "Midterm Corporate Strategy 2021", one of MC’s overarching objectives is growth through business management.
The company is taking advantage of its vast network and Eneco’s customer base to develop new products and services related to energy management.
Under the Chubu’s Management Vision, Chubu will accelerate its initiatives leading to the creation of Community Support Infrastructure.
The company’s aim is to deliver not only first-rate energy services, but also “value that expands by being connected”, a message that is underpinned by the concepts of digitization, customer centered services and low carbon societies.
By realizing that aim, Chubu is helping to address important societal challenges and enhancing its value as a total energy service corporate group.
By joining forces with Eneco and developing mutual business models, Chubu is now positioned to augment its expertise with that of a trailblazer in Europe’s energy market which leads the world in deregulations, and aiming to create synergies throughout their energy businesses, both here in Japan and around the world. ■
Post-Tropical Cyclone Ian has fully dissipated overnight but the extratropical remnants of the storm will continue to bring widespread showers and storms to the Mid-Atlantic and central Appalachians due to onshore flow on the northern side of the system.