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Mitsui Takes Stake in Renewable Energy Power Generation Projects in Canada

Tokyo, Dec 17, 2012 (JCN) - Mitsui & Co. has agreed with GDF SUEZ Canada Inc. (GDFS-C), part of the global energy group GDF SUEZ S.A., to participate in the renewable energy power generation Project in Canada currently developed and operated by GDF SUEZ Canada.

Mitsui, through MIT Renewables Inc. (MIT-RE), its newly established subsidiary, has acquired 30% ownership of this Project, which is valued in excess of C$ 2 billion.

The Project is composed of 10 wind farms totaling 660 MW and 2 solar photovoltaic power plants totaling 20MW nationwide in Canada, selling the electricity in accordance with long term power purchase agreements with respective provincial electric utilities.

Among the 12 projects, 7 wind farms have started commercial operation and the other 5 projects are currently under development or construction. In addition, there is an expansion opportunity under development to add approximately 50 MW to an existing site to bring the total generation capacity of the project portfolio to 730 MW.

The Project contributes to energy saving and environmental improvement as well as stable power supply in Canada, including the Province of Ontario, which promotes clean energy with its significant commitment to renewable energy.

A loan agreement on a project finance basis has been executed for the 5 projects under development or construction including the aforementioned expansion opportunity, with Japan Bank for International Cooperation (JBIC) and a group of commercial banks composed of The Bank of Tokyo-Mitsubishi UFJ, Ltd., Mizuho Corporate Bank and Sumitomo Mitsui Banking Corporation on December 14 (JBIC Facility).

GDFS-C has also simultaneously completed a sale of another 30% ownership of this Project to a consortium led by the Canadian infrastructure fund, Fiera Axium Infrastructure Inc (Fiera Axium), and from now on GDFS-C, MIT-RE and Fiera Axium together will own, operate and develop the Project.

Mitsui will contribute to the development and operation of the Project by leveraging its expertise from its abundant experience in the overseas power business.

With the participation in this Project, Mitsui now holds approximately 5,761MW, on an installed generating capacity basis, including projects under construction, out of which 380MW comes from renewable energy, accounting for approximately 7% of the above generating capacity.

By Chris Lui Staff Writer

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