Mitsubishi Electric has entered into an agreement with Taiwanese solar developer HD Renewable Energy to create a joint venture focused on solar power and battery storage systems. The partnership will involve Mitsubishi Electric acquiring a stake in HD Renewable Energy, which operates across multiple countries, including Taiwan, Japan, and Australia.
The joint venture, set to be established in Japan in April 2025, will focus on the development, investment, and asset management of solar energy and battery storage systems. In addition, the venture will explore opportunities in electricity retailing. A key objective of the partnership will be the aggregation of distributed energy resources, including solar power and battery storage assets owned by HD Renewable Energy in Japan.
Mitsubishi Electric's investment is part of its broader strategy to achieve environmental goals outlined in its “Environmental Sustainability Vision 2050,” which includes the aim to reach net-zero greenhouse gas emissions from its factories and offices by the fiscal year ending March 31, 2031.
Through this collaboration, Mitsubishi Electric also plans to explore corporate power purchase agreement opportunities for renewable energy procurement, utilizing solar power systems developed by HD Renewable Energy in Japan.
“The joint venture will enable us to strengthen our renewable energy initiatives while contributing to global sustainability efforts,” a spokesperson for Mitsubishi Electric stated.
Further details regarding the terms of the joint venture are still being finalized, with discussions ongoing between both companies.
