11 Aug Mitsubishi to invest in US solar firm Nexamp
US solar developer Nexamp has agreed to a bid by Japan’s Mitsubishi to own a majority stake in the company, which specialises in community and commercial solar installations.
The deal will see Mitsubishi make an undisclosed, corporate investment in Nexamp through a third-party deal.
Rising Sun Solar LLC, a subsidiary of Mitsubishi’s wholly owned IPP producer Diamond Generating Corp in the US will make the investment and buy the interest in Nexamp.
According to Mitsubishi, the goal is to help Nexamp build upon its nascent progress in developing distributed solar PV projects in the US northeast, helping an existing 50MW portfolio for DG solar in the region.
Satoshi Hamada, CEO of Diamond Generating Corp said: “Solar is one of America’s fastest-growing sources of new power generation and we intend to take a leadership position in the sector alongside our Nexamp team.”
Nexamp completed a 2.3MW ground mount array at the Jiminy Peak Resort in Massachusetts with the finance backing of more than 100 local residents, who each own a stake in the farm.
Mitsubishi is the most active in the solar market through TMEIC, it’s collaboration with Toshiba that produces solar inverters, mainly for the domestic market.
By acquiring Nexamp, the company aims to “develop its power generation businesses globally as an IPP, continuing to pursue new business models in keeping with the changes taking place in the business environment,” said Mitsubishi.