Mitsubishi Electric has reached an agreement with HD Renewable Energy, a Taipei-based solar power and battery energy storage systems (BESS) developer, to collaborate on projects aimed at achieving carbon neutrality.
Mitsubishi Electric will acquire a stake in HD Renewable Energy as part of the collaboration.
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The collaboration will form an aggregation joint venture (JV) to support the development, investment and management of solar power and battery storage systems, as well as electricity retailing.
The JV will focus on aggregating distributed energy resources (DERs) including HD Renewable Energy’s solar and BESS in Japan.
As part of Mitsubishi Electric’s Energy & Facility Solutions strategy, the initiative will focus on enhancing power efficiency and reducing CO₂ emissions for businesses and society.
The JV is due to launch in Japan in April 2025, with details still under discussion.
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By GlobalDataWith rising fuel costs and a push for carbon neutrality, Japan is accelerating renewable energy adoption.
However, solar and wind power generation fluctuates due to seasonal, weather and time-based variations, requiring transmission operators to constantly balance supply and demand.
As a result, the aggregation market is expanding, utilising DERs like renewable plants and battery storage to help stabilise grids and optimise energy use.
Mitsubishi Electric will subscribe to a third-party allocation of new shares issued by HD Renewable Energy to strengthen their collaboration.
Through this investment, Mitsubishi Electric aims to explore corporate power purchase agreement opportunities using HD Renewable Energy’s solar power systems in Japan to enhance renewable energy procurement.
In April 2024, Mitsubishi Electric announced plans to transfer its Nagoya Works distribution transformer business to Hitachi Industrial Equipment Systems.
The transfer includes assets and operations related to development, design, manufacturing, sales and maintenance, subject to regulatory approval.
The integration is expected to be completed by 1 April 2026.
