Nexamp will receive investment to build community solar projects, reported Tokyo-based news outlet Nikkei.
A Nexamp solar project
Image: Nexamp

From pv magazine USA
Japanese trading-house Mitsubishi Corp. announced it will make an estimated $3.9 billon investment in solar energy development in the United States, reported Tokyo news agency Nikkei and Bloomberg.
The company reportedly aims to expand its generation capacity in the United States by 160% by 2028, reaching 2.9 GW in capacity. It will invest in Boston-based community solar developer Nexamp.
Nexamp is expected to use domestically produced solar panels from Silfab Solar, thereby avoiding import tariffs.
Nexamp develops community solar projects, arranging contracts under which electricity ratepayers can subscribe to a project to save on electricity bills. The company said its subscribers save an average of $275 annually on bills while supporting local solar development.
The community solar developer operates over 1 GW of solar power capacity across the United States, with “several more gigawatts” currently either in construction or under development.
The Mitsubishi funding announcement builds on an April 2024 capital raise of $520 million by Mitsubishi for Nexamp projects. The 2024 capital raise was underwritten by lead investor Manulife Investment Management and Nexamp’s existing shareholders including Generate Capital.
It also announced it will develop more than 120 MW of distributed community scale solar projects for retail giant Walmart in 31 solar projects across five states.
Last month, Mitsubishi announced it invested in Solestial, Inc. a U.S.-based startup specializing in the development and production of solar cells for space applications.
pv magazine USA reached out to Nexamp for comment and will update this article when a response is delivered.
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