July 21, 2017 / 2:50 AM / 2 years ago

Japan's Mitsui to sell stake in UK's First Hydro

The logo of the Japanese trading company Mitsui & Co. is seen in Tokyo, Japan, February 8, 2017. REUTERS/Toru Hanai

TOKYO (Reuters) - Japanese trading house Mitsui & Co (8031.T) said on Friday it has agreed to sell its entire 25 percent stake in UK hydro power firm First Hydro to Brookfield Renewable Partners L.P. (BEP_u.TO) for more than 5 billion yen (34.73 million pounds).

First Hydro operates two pumped storage hydro power plants with total capacity of 2,088 megawatts. The other 75 percent stake is owned by France’s Engie (ENGIE.PA).

The sale is in line with Mitsui’s plans to implement steady, strategic asset recycling over the coming three years, the Tokyo-based firm said in a statement.

Some of the expected capital gain from the sale has been already incorporated in the current business year ending next March, it added.

Reporting by Osamu Tsukimori; Editing by Richard Pullin

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