Mitsubishi buys controlling stake in Nexamp

Share

Yesterday, Mitsubishi subsidiary Diamond Generating Corporation (DGC) announced that it has acquired a controlling stake in Boston-based Nexamp, which provides a range of solar development, construction, asset ownership and operations and maintenance services for solar projects, as well as owning 45 MW of assets.

This follows DGC’s acquisition of Boston Energy Trading and Marketing (BETM) from NRG Energy on August 1. DGC utilizes a proprietary trading platform to provide energy management services to 7.2 GW of electricity generation assets across the United States.

DGC says that these moves are the foundation for a national effort to increase its presence in solar development and asset ownership, starting with a “paricular focus” on community solar, as well as providing solutions for energy storage, asset optimization and retail power.

The solar development activities will be driven by Nexamp’s portfolio. The company lists 72 MW of solar projects which it has developed to date in Massachusetts, Rhode Island and New York, and DGC states that it is projecting more than 400% growth through 2020 with a pipeline of solar and storage that also includes projects in Illinois, Maryland and New Jersey as well as its more established markets.

Nexamp also has a particular focus on community solar and estimates that it has 3,000 active customers, although this figure appears to include municipal and commercial customers as well as community solar subscribers.

DGC says that it expects to serve as the “nexus” between the two companies, which together have roughly 280 employees.

“Massachusetts has been the innovation hub for distributed energy, and Nexamp and Boston Energy represent the very best in the industry,” Diamond Generating Corporation CEO Satoshi Hamada said.

“Our partnership uniquely positions DGC, BETM and Nexamp for collective success as our national energy markets experience rapid transformation. We’re incredibly excited to achieve our national agenda for growth with two proven innovators in the energy economy.”