JAPAN CO BUYS PORTUGAL PV POWER

Mitsubishi Invests in Solar Farm, Taps European Aid
Shigeru Sato and Todd White, March 5, 2009 (Bloomberg News)

"Mitsubishi Corp. agreed to buy 34 percent of the world’s biggest photovoltaic power plant in Portugal to broaden its commodities-trading business and benefit from European government support for clean energy.

"Japan’s largest trading house, making its first investment in solar-power production, bought the stake from Acciona SA for an undisclosed amount…The plant has 262,000 solar panels and covers 250 hectares (1 square mile) in eastern Portugal.

"U.S. and Asian investors have flocked to Spain, Germany and Portugal where there’s state support for solar energy. The three, along with 34 nations with greenhouse-gas emission limits under the Kyoto treaty, have helped drive demand for clean energy.
The three nations require utilities to buy solar power at a premium price, in contrast to the U.S., not a signatory to Kyoto, whose solar incentives are largely limited to tax breaks…"

From france24english via YouTube.

"Mitsubishi, already an exporter of silica sand and solar cells [to the U.S., European and other markets], will diversify its revenue becoming a partner with Madrid- based Acciona, the world’s second-biggest wind-energy company. The company is [also]…expanding exploration and production of conventional fuels, such as oil and natural gas…Mitsubishi in January cut its full-year profit outlook for a second time in three months and reduced its dividend as prices for commodities tumbled…

"The 45.8-megawatt solar farm in the Moura district near the Spanish border can supply about 30,000 Portuguese homes, Acciona said in December when it began production. The plant cost 261 million euros ($329 million) to build and is the largest in the world connected to a supply grid…

"Spain’s Cuenca region is home to a group of solar installations, owned by different investors, that produce a combined 65 megawatts…"