LOS ANGELES, CA--(Marketwired - Aug 9, 2016) - Diamond Generating Corporation, a leading independent power company and wholly-owned subsidiary of Mitsubishi Corporation, today announced a corporate investment into Nexamp, a leading provider of solar energy solutions, headquartered in Boston, MA. Through its distributed generation subsidiary, Rising Sun Solar, LLC, Diamond and Nexamp together will develop, construct and operate distributed-scale solar power plants nationwide.
With this investment, Rising Sun assumes near majority ownership of Nexamp and will work together with Nexamp to greatly accelerate its solar development efforts and realize swift geographic expansion.
"We are pleased to execute this transaction with Nexamp," said Satoshi Hamada, CEO of Diamond Generating Corporation. "Solar is one of America's fastest growing sources of new power generation and we intend to take a leadership position in the sector alongside our Nexamp team, which we consider among the very best in the industry."
Founded in 2007, Nexamp has established itself as a top performer among distributed solar energy providers in the Northeast. The company develops, builds, owns, and operates solar assets, and is a recent leader among North America's rapidly-growing community solar market.
"We are thrilled to have a strategic partner of Diamond Generating's caliber and experience as our lead investor," remarked Zaid Ashai, CEO of Nexamp Inc. "Together with Diamond, we will accelerate our path to becoming an elite distributed-scale solar developer and operator in the US."
"We look forward to working with our partners at Diamond Generating in this next phase in our strategy to build and manage clean, reliable and profitable sources of distributed power across the US," said David Martirano, Nexamp Board Member and Managing Partner of PJC.
CohnReznick Capital Markets Securities served as exclusive advisor to Diamond Generating Corporation throughout the transaction.
About Diamond Generating Corporation.
Diamond is a wholly owned subsidiary of Mitsubishi Corporation and is a developer, owner and operator of privately owned power generating assets in the United States. It currently has ownership interest in 11 operating power generating facilities and 2 facilities under construction in the U.S., having total output capacity of approximately 6,500MW, with net equity of 2,800MW. For more information, please visit www.dgc-us.com.
Nexamp is leading the transformation to the new energy economy with proven solutions for solar energy development, ownership, and operation. The Company's comprehensive capabilities span the entire solar project lifecycle -- from project development, design and construction to financing and operations and maintenance. Nexamp's ability to provide integrated, best-in-class solutions makes solar energy simple and profitable for our clients and partners. The Company has been named the Company of the Year by the Northeast Clean Energy Council. For more information, please visit www.nexamp.com.
About Mitsubishi Corporation.
Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses across virtually every industry including industrial finance, energy, metals, machinery, chemicals, living essentials, and environmental business. MC's current activities are expanding far beyond its traditional trading operations as its diverse business ranges from natural resources development to investment in retail business, infrastructure, financial products and manufacturing of industrial goods. With over 200 offices and subsidiaries in approximately 90 countries worldwide and a network of over 600 group companies, MC employs a multinational workforce of over 65,000 people. For more information please visit www.mitsubishicorp.com.