Ashurst advises Brookfield on joint venture with Mitsubishi HC Capital to launch renewable energy company
Global law firm Ashurst has advised Brookfield Asset Management Ltd. (“Brookfield”) on its joint venture partnership with Mitsubishi HC Capital Inc. (“Mitsubishi HC Capital”) for a privately held renewable energy company (the “JV”) that will acquire and operate a diversified portfolio of contracted, operating renewable energy assets in Europe.
The seed portfolio comprises approximately 570 megawatts of installed capacity diversified across the U.K., Spain, Sweden, Finland, France and Ireland, with an equity value of approximately EUR 400 million. The assets are highly contracted under long-term power purchase agreements, which have a weighted average remaining term of approximately 10 years. Collectively, the assets offer a highly stabilized cash flow profile, generating predictable income with strong downside protection and resilience across market cycles.
The JV is also evaluating potential future acquisitions of additional renewable energy assets in Europe and Australia. Future acquisitions are expected to focus on stabilized operating assets, including onshore wind, utility-scale solar, and battery energy storage, underpinned by attractive commercial arrangements consistent with those of the seed portfolio.
The JV will be jointly controlled by Mitsubishi HC Capital and Brookfield through customary governance arrangements. Brookfield will be responsible for the JV’s operations, supported by an experienced management team appointed to lead the business. Future asset acquisitions will be subject to the approval from Brookfield and Mitsubishi HC Capital, with each contributing on a pro rata basis.
The Ashurst team was led by corporate partner Dallan Pitman, supported by partners Katie Williams (project financing), Steven Vaz (competition) and Mark Spinney (tax).
