Mitsubishi UFJ Lease & Finance : to Invest in an Electricity Distribution Business in the United Kingdom
July 30, 2019 at 06:55 am EDT
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Mitsubishi UFJ Lease & Finance
July 30, 2019
News Release
Company Name:
Mitsubishi UFJ Lease & Finance Company Limited
Representative:
Takahiro Yanai, President & CEO
Securities Code:
8593
Listing:
Tokyo Stock Exchange, First Section
Nagoya Stock Exchange, First Section
For inquiries:
Taro Hasegawa, General Manager
Corporate Communications Department
Mitsubishi UFJ Lease & Finance to Invest in an Electricity Distribution Business
in the United Kingdom
Mitsubishi UFJ Lease & Finance Company Limited ("MUL") hereby announces its decision to participate in electricity distribution business in the UK by acquiring a stake in "Electricity North West Limited" ("ENWL"), an electricity distributor supplying the North West of England.
KDM Power Limited., a holding company jointly established by MUL, Kansai Electric Power Co., Ltd. ("Kansai") and Daiwa Energy Infrastructure Co., Ltd. ("Daiwa") and Equitix Ltd. ("Equitix") acquired 50% of ENWL shares from institutional investors advised by First State Investments and J.P. Morgan Asset Management. As a result, MUL holds 4.8% of ENWL's equity interest.
ENWL, which is based in Warrington in the North West of England, owns and maintains a cable network of 57,000km in an area extending from urban Manchester to rural Cumbria, serving approximately five million customers across 2.4 million premises.
In the current Medium-Term Management Plan "Breakthrough for the Next Decade", MUL has positioned social infrastructure as a priority focus industry and is actively promoting numerous initiatives both in Japan and overseas. This is the first stake MUL has taken in the field of overseas electricity distribution, expanding its target sector following a stake in undersea power transmission business for offshore wind power plants in Germany, a stake in onshore wind power plants in the Republic of Ireland, and a stake in an offshore windfarm project in the UK.
In the movement shifting to renewable energy resources, electricity distribution network is positioned as a fundamental infrastructure which takes important roles along with the development of new technology including effective utilization of dispersed power resources (decentralized power system, electricity storage system, EV, etc.) and sophistication of demand-supply adjustment function (AI, IoT, smart meter, etc.).
By participating in this business partnering with the prominent players in the industry, MUL aims to achieve further expansion of its business presence in the electric power sector and contribution to sustainable development of social infrastructure on a global scale.
【Overview of ENWL】
Company name
Electricity North West Limited
Headquarters
304 Bridgewater Place, Birchwood Park, Warrington, WA3 6XG
Share Equity
£238.4 million (as of Mar 2019)
Total Assets
£3,452 million (as of Mar 2019)
Sales
£458.3 million (as of Mar 2019)
Net Profit
£71.8 million (as of Mar 2019)
Representative
John Roberts (Chairman)
KDM Power
32.07%
Shareholder Composition
First State Investment:
25.00%
JP Morgan Asset Management
25.00%
Equitix
17.93%
【Overview of KDM Power Limited】
Company name
KDM Power Limited
Kansai
55.1%
Shareholder Composition
Daiwa
30.0%
(Indirect investment)
MUL
14.9%
Electricity North West Limited
Manchester
London
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Mitsubishi UFJ Lease & Finance Co. Ltd. published this content on 30 July 2019 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 30 July 2019 10:54:08 UTC
Mitsubishi HC Capital Inc, formerly Mitsubishi UFJ Lease & Finance Co Ltd, is a Japan-based company mainly engaged in the financial business. The Company operates in two business segments. The Customer Finance segment is engaged in the finance lease and installment sale of machinery, equipment and fixtures, as well as the provision of monetary loan services and other related financial services. The Asset Finance segment is engaged in the operating lease of machinery and transportation equipment, the investment and loan businesses related to real estate, the management of securities, the finance business related to aircrafts and ships, as well as the leasing of office buildings.