A consortium led by Mitsubishi Corporation has purchased Dutch energy company Eneco, in a deal that was expected to have gone to Shell, helping it shore up its sustainable energy division.

Eneco reached an agreement with a consortium of Mitsubishi Corporation and Chubu in a deal worth €4.1bn. Eneco will now become the European centre for all energy-related activities of Mitsubishi Corporation.

Eneco’s roots lie back in the 19th century, but it has carved a niche in the sustainable energy field, making much of its capacity to transition to renewables.

Shell, in part due to its Anglo-Dutch management, had been seen as the likely purchaser, and the company would have helped expand Shell’s New Energies division. Conversely the purchase gives the Japanese giant a major foothold in European renewables.

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