Mitsubishi to join 200 MW CSP solar thermal project in Spain

ACCIONA S.A. has sold a 15% stake in ACCIONA Termosolar S.L. to Mitsubishi Corporation. ACCIONA Termosolar S.L., a holding company of ACCIONA Energy, owns three CSP plants already in commercial operation and a fourth currently under construction. All four CSP plants are located in Spain and each has a generating capacity of 50 MW, combined to total 200 MW. The operating plants are Alvarado I and Majadas, both in Extremadura; and Palma de Rio II in Andalucía. Under construction is Palma de Rio I, also in Andalucía. In addition, the transaction includes a €300 million loan to ACCIONA Termosolar S.L. This significant transaction further enhances the two companies’ already well established strategic alliance.

ACCIONA, the world’s largest independent (non-utility) renewable energy developer and owner and Mitsubishi Corporation, Japan’s largest industrial group, established an initial partnership in March 2009 with the sale of a 34% stake in ACCIONA´s Amaraleja photovoltaic (PV) solar plant in Portugal. In July of the same year the companies signed a Memorandum of Understanding, formally establishing the framework for a broad strategic alliance. The companies’ combined strengths are focused on renewable energy; water management and treatment; and sustainable infrastructure projects while sharing the same commitment to promoting economic and social development and the protection of the environment with a global perspective.

“Today, we again see progress in our alliance with Mitsubishi,” said José Manuel Entrecanales, ACCIONA’s Chairman. “Mitsubishi’s extensive commitment to renewable energy, its strong presence around the world, and its industrial might, make it the ideal strategic partner with which to innovate and develop solutions for society’s most vital needs.“

The price of the 15% stake in ACCIONA Termosolar S.L. was €45.8 million. This amount is structured from €38.1 million in equity and €7.7 million in shareholder loan. The transaction provides for the future possibility of a stake increase, to 17%, for Mitsubishi Corporation. In parallel, ACCIONA Termosolar S.L. received a 5-year, €300 million loan with very competitive conditions from Mizuho Corporate Bank Nederland B.V., The Bank of Tokyo Mitsubishi UFJ Ltd., Development Bank of Japan Inc. and Mitsubishi Corporation.

The €300 million loan is partially secured by Nippon Export and Investment Insurance (NEXI) and will be used to finance CSP plants held by ACCIONA Termosolar S.L. The insurance qualifies under NEXI’s Trade and Investment Insurance for Preventing Global Warming policy due to the fact that projects financed by the loan will contribute to reducing greenhouse gas emissions.

“ACCIONA’s global commitment and leadership in the renewable energy sector is in perfect alignment with the goals of Mitsubishi’s Global Environment Business Group,” said Mr. Yorihiko Kojima, Chairman of the Board of Mitsubishi.

“ACCIONA and Mitsubishi share a pioneering spirit, and enjoy an excellent partnership, which holds great opportunity for collaboration across many countries and sectors.” said Mr. Ken Kobayashi, President and CEO of Mitsubishi.

ACCIONA’s leading renewable energy business is diversified geographically and across multiple technologies including wind, solar PV, CSP, biofuels, biomass and hydro technologies. With close to 8,000 MW of installed renewable energy capacity world-wide, ACCIONA avoided nearly 10.5 million tons of CO2 in 2010.

ACCIONA Group is one of Spain’s leading business corporations. ACCIONA operates in infrastructure, energy, water treatment and services in more than thirty countries on the five continents. Its corporate motto, “Pioneers in Sustainable Development”, reflects the Company’s commitment to contributing to economic growth, social progress and environmental balance. ACCIONA is sector leader in the Dow Jones Sustainability Index, and posted revenues of more than €6.5 billion in 2009. The Company has a workforce of more than 35,000 and is quoted on the IBEX 35 blue chip index (ANA.MC). For more information:

Mitsubishi Corporation (MC) is Japan’s largest general trading company (sogo shosha) with over 200 bases of operations in approximately 80 countries worldwide. Together with its over 500 group companies, MC employs a multinational workforce of approximately 60,000 people. MC has long been engaged in business with customers around the world in virtually every industry, including energy, metals, machinery, chemicals, food and general merchandise.

In April 2010, MC launched its Global Environment Business Group to enhance its business development in the field of renewable energy and other environmental businesses. MC seeks to contribute to the enrichment of society through business firmly rooted in principles of fairness and integrity.