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