Tokyo-headquartered Mitsubishi Heavy Industries (MHI) has completed its acquisition of a 5 per cent interest in Orano, a French multinational group specialising in nuclear power and renewable energy, for €250 million ($306 million).
In a statement on Wednesday, MHI said the completion of the investment, which was agreed upon in March 2017, would enhance technological and business cooperation between the two companies and strengthen global value chain for nuclear energy.
“With the completion of our investment into Orano, our partnership will become even stronger. I have high hopes that we will be able to further improve the safety and reliability of nuclear power generation, thereby contributing to stable global energy supplies and reduced carbon dioxide emissions,” said MHI President and CEO Shunichi Mynaga.
Orano primarily focuses on the fuel cycle business, including uranium mining, enrichment, and conversion and processing of spent fuel.
MHI had in 1991, partnered with Areva, now an Orano subsidiary, to form a joint venture in the fuel cycle business for the manufacture and sale of a full range of reprocessing equipment.
The company said it aims to play an important role in forging stronger links between the Japanese and French nuclear energy industries, as confirmed by the two countries’ governments in October 2015.
“By strengthening the relationship between manufacturers in Japan and France, every effort will be made to expand and improve structurally as a comprehensive manufacturer capable of supporting the global nuclear power generation business in all aspects; from production of nuclear fuel to plant design, construction and maintenance, and reprocessing of spent fuel,” MHI said in a statement.