Mitsubishi Electric Signs Agreement with HD Renewable Energy, Will Establish Joint Venture and Acquire Stake

Aiming to expand Energy & Facility solutions and strengthen procurement of renewable energy

TOKYO--(BUSINESS WIRE)--Mitsubishi Electric Corporation (TOKYO: 6503) announced today that it has signed an agreement with HD Renewable Energy Co., Ltd., a Taipei-based developer and operator of solar power and battery storage systems, to collaborate on initiatives that will help realize carbon neutrality. As part of their collaboration, the companies will establish an aggregation business joint venture and Mitsubishi Electric will acquire a stake in HD Renewable Energy.

Amid rising fuel costs and global efforts to realize carbon neutrality, Japan is actively promoting the adoption of renewable energy. However, owing to fluctuations in power generation from renewable sources such as solar and wind resulting from their dependance on seasons, weather, and time of day, transmission system operators are required to continuously monitor the demand for power and fine-tune adjust supply and demand. Against this backdrop, there is expansion in the aggregation market, where multiple distributed energy resources (DERs) such as renewable energy generation facilities and battery storage systems are utilized to help stabilize power grids and maximize the profitability of power generation and storage businesses.

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