The Mitsubishi Heavy Industries (MHI) Group has acquired an equity stake in the Brighter Future Solar Project from Oriden, an MHI Group company. The acquisition made in collaboration with Osaka Gas USA will benefit Blue Ridge Energy in North Carolina, which will purchase renewable energy from the solar photovoltaic (PV) project under construction through a power purchase agreement (PPA).
The solar project will generate and transmit 19,000 MWh of carbon-free power every year. The PPA will enable Blue Ridge Energy to reduce carbon emissions to 50% by 2030 from 2005 levels and attain net-zero carbon emissions by 2050.
Through the 25-year fully bundled PPA, Blue Ridge Energy will purchase the total energy generated by the solar project. Mitsubishi Heavy Industries and Osaka Gas USA aim to provide North Carolina ratepayers with low-cost clean energy while moving to a greener portfolio through this investment.
Oriden’s President, Masahiro Ogiso, stated, “Blue Ridge Energy will be able to serve its members more sustainably thanks to our custom-built Brighter Future Solar project and MHI Group’s financing. We’re bringing about a shift in power with the help of our partners and customers.”
Oriden is a company backed by the Mitsubishi Heavy Industries Group company Mitsubishi Power Americas, a company providing energy solutions including power generation.
Mitsubishi Corporation had recently signed a long-term PPA with e-commerce giant Amazon to supply power to data centers owned and operated by Amazon Web Services. The investment in this solar photovoltaic project reaffirms MHI’s commitment to accelerate decarbonization. The company aims to double its 2019 renewable energy output by 2030 and eliminate fossil fuels and CO2 emissions from its power-generation portfolio by 2050.
According to Mercom’s 1H and Q2 2021 Solar Funding and M&A Report, in 1H 2021, 135 projects were acquired, totaling 39.3 GW compared to 91 project acquisitions for 14.7 GW in 1H 2020. For more reports on M&A transactions and funding in solar, wind, energy storage, smart grid, and efficiency sectors, click here.