Mitsubishi HC Capital is set to subscribe to 72 million new shares in the company. Credit: European Energy.

Mitsubishi HC Capital, a specialised financing company, has entered an agreement to acquire a 20% stake in Danish renewables developer European Energy by investing €700m ($763m).

The investment will significantly boost European Energy’s capital base and growth prospects.

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European Energy can enhance its position in the renewable energy sector through the partnership. The capital injection will fuel the continued expansion of European Energy’s operations.

Mitsubishi HC Capital will subscribe to 72 million new shares in the company and acquire three million more from its three principal shareholders.

This will establish Mitsubishi HC Capital as the second-largest shareholder, with a 20% share in the capital and voting rights.

Mitsubishi HC Capital will actively engage in the strategic growth and value creation of European Energy.

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The parties anticipate that the deal will be finalised in the first half of 2024.

European Energy board of directors chair Jens Due Olsen stated: “The partnership with Mitsubishi HC Capital represents a significant milestone for European Energy.

“Their international presence and strategic mindset are key to boosting our company’s growth, especially with the increasing demand for capital in this industry. This transaction will further enhance our role in the green energy transformation.”

European Energy develops and operates renewable and next-generation energy projects, primarily across Europe, spanning 28 countries.

It has already developed 3GW of renewable energy and has a robust pipeline of 60GW in development and construction.

The company is also at the forefront of Power-to-X technologies, producing green fuels such as e-methanol and green hydrogen from renewable sources, positioning it as a global leader with significant growth potential.