Mitsubishi Electric will establish an distributed energy resources (DER) aggregation-focused joint venture and acquire a minority stake in Taipei-based developer HD Renewable Energy.
Based on a partnership agreement signed on February 17, 2025, the companies will aim to establish the joint venture in April 2025. The new company will focus on “aggregating multiple DERs, including solar power and battery storage systems owned by HD Renewable Energy in Japan,” said Mitsubishi Electric’s statement.
“Mitsubishi Electric will additionally subscribe to a third-party allocation of new shares issued by HD Renewable Energy, strengthening collaboration between the two companies,” the statement continued. Through acquiring a stake in HD Renewable Energy, Mitsubishi Electric is looking to “explore corporate PPA opportunities utilizing solar power systems developed by HD Renewable Energy in Japan.”
Further details about the new joint venture and acquisition have not been disclosed and remain under discussion.
In Japan, HD Renewable Energy has been involved in the development BESS projects in particular. It secured two projects totaling 98MW (73MW derated) in the country’s first long-term decarbonization auction, which it plans to commission in 2027. In November 2024, it announced a partnership with Sun Village, agreeing to co-develop 13 2MW/8MWh projects in the Tokyo and Chubu TSO areas.
For Mitsubishi Electric, the partnership marks a step in expanding its business from manufacturing electrical and electronic equipment for energy and other industries to providing services to the renewable energy industry.
Correction (February 21, 2025): The previous version of this article incorrectly indicated Mitsubishi Electric acquired ElectroRoute in 2022. The Irish company was acquired by Mitsubishi Corporation.
