Japanese firm Mitsubishi Corporation has agreed to buy a “near majority” stake in Boston-based solar firm Nexamp.
The trasnaction will be undertaken by Power firm Diamond Generating Corporation (DGC), a Mitsubishi subsidiary. DGC’s distributed generation subsidiary Rising Sun will now work with Nexamp to develop distributed generation solar projects across the US.
Satoshi Hamada, chief executive of DGC, said: “We are pleased to execute this transaction with Nexamp. 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, which we consider among the very best in the industry.”
A mitsubishi statement said: “The low price of solar panels, coupled with incentives implemented by the federal and state governments, has also given rise to the proliferation of small-sized distributed solar power systems installed on the rooftops of homes and commercial buildings or on idle land.”