Japan’s Mitsubishi Corp (TYO:8058) will make a corporate investment of an undisclosed amount in Nexamp through which it will indirectly take a “near majority ownership” of the US commercial solar provider.
The transaction will be carried out by local independent power producer (IPP) Diamond Generating Corp, a wholly-owned unit of Mitsubishi. The former’s distributed generation (DG) subsidiary -- Rising Sun Solar LLC -- will be the one to make the investment and acquire the interest in Nexamp.
The Mitsubishi units and the US sector player will team up to develop, construct and operate distributed photovoltaic (PV) plants across the country. So far, Nexamp has developed some 50 MW of DG solar capacity across the US northeast, Mitsubishi said on Tuesday.
“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,” Diamond Generating CEO, Satoshi Hamada, said.
CohnReznick Capital Markets Securities served as exclusive advisor to Diamond Generating.