Mitsubishi Electric has signed an agreement with Taiwanese solar developer HD Renewable Energy to set up a solar and battery storage joint venture.
To establish an aggregation business joint venture, Mitsubishi Electric will acquire a stake in HD Renewable Energy.
The new business, with HD Renewable Energy, which operates globally, including in Taiwan, Japan and Australia, will focus on solar power and battery storage system development, investment and asset management, plus electricity retailing.
The joint venture company will aim to aggregate multiple distributed energy resources, including solar power and battery storage systems owned by HD Renewable Energy in Japan.
The companies will establish the joint venture in Japan in April 2025, with further details currently under discussion between them.
Mitsubishi Electric will additionally subscribe to a third-party allocation of new shares issued by HD Renewable Energy.
Under its “Environmental Sustainability Vision 2050” Mitsubishi Electric is aiming to achieve net-zero greenhouse gas (GHG) emissions from its factories and offices by the fiscal year ending 31 March 2031.
Through this investment, the company will explore corporate power purchase agreement opportunities using solar power systems developed by HD Renewable Energy in Japan, with the aim of enhancing the procurement of renewable energy.