Mitsubishi takes control of solar, energy trading firms in Boston
One of 20 community solar projects in Massachusetts. Source: 38 Degrees North
Diamond Generating Corp, a unit of Japan’s Mitsubishi Corp (TYO:8058), on Friday announced “substantial investments” in commercial-scale solar projects firm Nexamp Inc and in Boston Energy Trading and Marketing LLC.
More specifically, earlier this month Diamond Generating has bought a controlling stake in Boston-based Nexamp, in which it has been an investor since 2016. The firm has nearly 3,000 active municipal, commercial and community solar customers. Nexamp’s asset base is forecast to expand by over 400% by 2020 due to its substantial development pipeline of solar and storage assets and aggressive asset acquisition targets in key markets, said Diamond.
In a separate transaction completed on August 1, the Mitsubishi unit acquired Boston Energy Trading and Marketing LLC from power company NRG Energy Inc (NYSE:NRG). The target provides energy management services to more than 7.2 GW of US power generation plants.
“The investments establish Massachusetts as the foundation for Diamond Generating’s national efforts to expand its renewable energy deployments and advance comprehensive solutions for energy storage, asset optimisation, energy management and retail power,” the Mitsubishi unit said.
Veselina Petrova is one of Renewables Now's most experienced green energy writers. For several years she has been keeping track of game-changing events both large and small projects and across the globe.