Diamond Generating Corporation, wholly-owned subsidiary of Mitsubishi Corporation, has announced a corporate investment into Nexamp, a provider of solar energy solutions, headquartered in Boston (USA). 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.
CohnReznick Capital Markets Securities served as exclusive advisor to Diamond Generating Corporation throughout the transaction.
Satoshi Hamada, CEO of Diamond Generating Corporation, said:
"We are pleased to execute this transaction with Nexamp. 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."
Zaid Ashai, CEO of Nexamp Inc. said:
"We are thrilled to have a strategic partner of Diamond Generating's caliber and experience as our lead investor.Together with Diamond, we will accelerate our path to becoming an elite distributed-scale solar developer and operator in the US."