Mitsubishi Electric has entered into a partnership with HD Renewable Energy, a Taipei-based developer of solar power and battery storage systems, to support carbon neutrality initiatives. This collaboration will involve the creation of a joint venture focused on aggregation services, with Mitsubishi Electric acquiring a stake in HD Renewable Energy.
As Japan seeks to boost renewable energy adoption amidst rising fuel costs, fluctuations in solar and wind power generation present challenges for grid stability. To address this, the aggregation market has grown, leveraging distributed energy resources (DERs) such as solar and battery storage to stabilize grids and enhance the profitability of energy systems.
The new joint venture, set to launch in Japan by April 2025, will focus on developing solar and battery storage projects, asset management, and electricity retailing, using HD Renewable Energy’s assets across Japan. This initiative aligns with Mitsubishi Electric’s Energy & Facility solutions strategy and aims to optimize energy use and reduce CO2 emissions for businesses and society.
As part of the collaboration, Mitsubishi Electric will also invest in new shares issued by HD Renewable Energy, reinforcing their partnership. Through this venture, Mitsubishi Electric will explore corporate Power Purchase Agreements (PPAs) utilizing solar power from HD Renewable Energy to meet its goal of achieving net-zero emissions from its operations by FY2031.
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