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Japan’s Mitsubishi HC Capital Inc (TYO:8593) has clinched a deal to acquire a 20% stake in European Energy A/S in a move that will allow the Danish renewables developer to strengthen its capital.
The Japanese financial services provider will pay EUR 700 million (USD 761.5m) gross to subscribe for newly-issued shares in European Energy, the latter said on Friday.
Specifically, Mitsubishi HC Capital will buy 72 million new shares in the Danish renewables player and will also buy roughly 3 million shares from the target’s three major shareholders. As a result, the Tokyo-based investor will become the second-largest stockholder in European Energy.
Funds from the investment will support the further growth of European Energy’s platform, which had a global development pipeline of 60.2 GW at end-September 2023. The bulk of this capacity, totalling 41.3 GW, comes from solar photovoltaic (PV) projects.
“The capital injection more than triples our equity, offering us increased opportunities to accelerate our business,” said Knud Erik Andersen, CEO and co-founder of European Energy.
The transaction is pending regulatory clearance and is due to wrap up in the first half of 2024.
(EUR 1.0 = USD 1.088)
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