NETHERLANDS – Dutch energy company, Eneco has revealed that a group led by Japan’s Mitsubishi Corp are the winners of the bid to buy the company in a deal valuing the Dutch energy firm at 4.1 billion euros (US$4.52 billion).

Eneco, a company owned by 44 Dutch municipalities and with a strong focus on renewable energy, said it had been swayed by Mitsubishi’s plans to allow the company to continue its strategy and retain its corporate identity.

The deal, backed by Eneco’s boards and a committee representing shareholders, will be effected once it receives approval from the Dutch company’s municipal investors.

“The consortium made the best offer for shareholders and all other stakeholders of Eneco, including employees,” the Dutch company said in a statement.

The Mitsubishi offer beat two other consortiums, one led by Shell with Dutch pension fund manager PGGM and another one that included private equity firm KKR with Dutch lender Rabobank.

Eneco Chief Financial Officer Guido Dubbeld revealed to journalist that the Mitsubishi’s consortium planned to invest 1 billion euros in Eneco’s operations in the Netherlands, Germany and Belgium in the next three years.

He said the investment would be made “mostly in the Netherlands, mostly in wind, somewhat less in solar.”

The deal will give Mitsubishi 80% of Eneco  while its partner Chubua will have a 20% stake in the company.

“Eneco fits perfectly with our current energy activities and offers us a platform from which to grow further in the European market,” Mitsubishi Chief Executive Takehiko Kakiuchi said in a statement.

Mitsubishi already owns 400 megawatts (MW) of Dutch offshore wind power revealed that it  would combine those operations with Eneco, the Dutch company said.

In September, Eneco reported first half earnings before interest, taxes, depreciation and amortization (EBITDA) of 272 million euros ($303 million) for the first half of 2019, up from 230 million euros a year earlier.