A Japanese consortium have agreed to buy Dutch energy company Eneco for €4,1bn.

The Dutch privatisation means the energy company will be transferred from the city of Rotterdam, which held 32% of Eneco, to a consortium made up of Mitsubishi Corporation and Chubu.

Eneco will remain headquartered in Rotterdam and will become the European center for all Mitsubishi Corporation’s energy-related activities.

Chubu is the 3rd largest Japanese energy company with about 10.2 million retail customer contracts and focusses on non-fossil energy sources.

That is the third major Dutch energy privatisation after Nuon and Essent. Nuon was bought by Swedish state-owned company Vattenfall in 2009 and Essent to Germany’s RWE.