Mitsubishi Makes Largest US Energy Bet Since 1870 With $3.9 Billion Solar Push

Mitsubishi Corp. has announced a $3.9 billion investment in the U.S. clean energy sector. This marks Mitsubishi's most significant U.S. energy commitment since its founding in 1870

What Happened: The company plans to increase its solar power generation capacity in the U.S. by 160% by 2028, according to a report by Nikkei Asia.

This expansion is not a standalone initiative—it's part of Mitsubishi's broader goal to double its global renewable energy capacity by 2031.

Mitsubishi's move aligns with the growing momentum in the U.S. renewables market, driven by government incentives, grid modernization efforts, and rising demand for sustainable energy. The decision reflects a calculated response to these converging trends, not a speculative bet.

In the U.S., Mitsubishi operates in the energy space through Diamond Generating Corp., Nexamp Inc., and Boston Energy Trading & Marketing.

Why It Matters: The investment comes amid the U.S. renewable market gaining momentum with government incentives and an increase in sustainable energy demand.

At present, Mitsubishi Corp. operates solar assets with a total output of about 1.1 gigawatts through its U.S. subsidiary Nexamp, based in Massachusetts. The plan is to elevate this number to 2.9 GW by 2028.

Nexamp will transition its procurement to local suppliers such as Heliene and Silfab Solar. The company also has plans to inaugurate its first mega solar farm in the Southwest in 2027, along with high-output plants in the Midwest and other regions.

Despite the anticipated reduction in tax credits for solar power generation from 2029, a source from Itochu mentioned that the cost of solar power is sufficiently low to allow for project development without dependence on subsidies.

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Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.

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