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Diamond in the rough
01 November 2003
Mitsubishi wants to scoop up IPP assets in Mexico and the US, and it looks like their timing is good. Dominic Jones talks to Yu Saito, general manager of the Power Generation and marketing, International, unit at Mitsubishi Corporation.
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Mitsubishi Corporation's independent power project (IPP) business gets only a fleeting mention on the company's corporate website, a reflection more of the vast size of the company as a whole, than the relative significance of the unit. In fact, Mitsubishi's international power unit is one of the leading global players in the IPP market. And with aggressive internal growth targets, the company's presence in the market looks set to become a lot more visible in the years to come.
Over the last two years, Mitsubishi's main focus has been concentrated on bringing existing projects through construction to commencement of commercial operation.
"Last year we didn't sign any new PPAs [power purchase agreements], but it was still a big year for us as three major IPP projects in which we are sponsors came on line," says Yu Saito, general manager of the Power Generation and marketing, International unit at Mitsubishi Corporation....
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