The European Commission has given the go-ahead to Japanese trading and investment company Mitsui & Co (TYO:8031) for it to acquire a minority stake in the firm behind a Power-to-X (PtX) project near Kasso in Aabenraa, Denmark.
Specifically, Mitsui will buy a 49% stake in Kasso MidCo ApS from Danish renewables developer European Energy A/S so that the two can proceed to run the operation as a joint venture.
Kasso MidCo holds a 304-MW solar power plant and an adjacent e-methanol production project that is expected to become the largest in the world when connected to the grid next year. The facility will have the capacity to produce up to 42,000 tonnes of e-methanol annually.
The EC examined the proposed transaction under the simplified merger review procedure and concluded that it “would raise no competition concerns in view of the very limited horizontal overlaps between the companies’ activities.”
The deal was announced in July but its financial details remain undisclosed.