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Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Tatsuo Yasunaga) has acquired the Commercial and Industrial (C&I) Division of SunEdison, Inc., which specializes in the development and operation of distributed solar generation for C&I customers.
The principal assets and employees will form part of Forefront Power LLC, a newly established company incorporated and wholly owned by Mitsui. In addition to distributed solar generation, Mitsui hopes to expand Forefront Power's offerings to include a range of energy management services for C&I customers.
Mitsui sees distributed solar generation as a key growth area in a society which places an increasing emphasis on environmental, social, and corporate governance (ESG), as well as the need for greater grid resiliency. Governmental incentives and the continuing decline of PV module prices also serve as a driving force for the industry.
SunEdison's C&I Division has been at the forefront of commercial and industrial solar generation development for over a decade, and with a track record of having developed over 800 megawatts, is globally recognized as an industry leader in C&I distributed solar generation. Under Mitsui's ownership, not only will Forefront Power make use of Mitsui's global network to consolidate its position as both an industry leader both at home and abroad, but will also pursue additional value creation by offering energy management services that combine solar generation, storage, demand response, and more. In recent years, Mitsui has been stepping up its activities in new and innovative power businesses, and Mitsui envisions Forefront Power serving as a platform for providing a range of services to meet the diverse needs of C&I customers.
Today, as an Independent Power Producer (IPP), Mitsui owns approximately 11GW of power generation assets around the world (calculated per equity interest). As the growth of renewable energy and the spread of distributed energy resources changes the landscape of the industry, Mitsui hopes to develop more business in line with these trends while continuing to seek growth in the IPP sphere.
|Name of Company||Forefront Power LLC|
|Head Office||San Francisco, California, U.S.A.|
|Ownership||Mitsui & Co., Ltd. (wholly owned)|
|Principal Activities||Development and operation of solar generation projects|
This announcement contains forward-looking statements. These forward-looking statements are based on Mitsui's current assumptions, expectations and beliefs in light of the information currently possessed by it and involve known and unknown risks, uncertainties and other factors. Such risks, uncertainties and other factors may cause Mitsui's actual results, financial position or cash flows to be materially different from any future results, financial position or cash flows expressed or implied by these forward-looking statements. These risks, uncertainties and other factors referred to above include, but are not limited to, those contained in Mitsui's latest Annual Securities Report and Quarterly Securities Report, and Mitsui undertakes no obligation to publicly update or revise any forward-looking statements.
This announcement is published in order to publicly announce specific facts stated above, and does not constitute a solicitation of investments or any similar act inside or outside of Japan, regarding the shares, bonds or other securities issued by us.