Mitsubishi Corp. will invest $3.9 billion to boost solar power generation in the US through its unit, the Nikkei newspaper reported.
The investment will help Massachusetts-based Nexamp Inc. scale its solar power capacity to 2.9 million kilowatts by 2028 from 1.1 million kw now, the newspaper said on Saturday, without saying where it got the information.
Nexamp will also shift to US-made solar panels made by the likes of Silfab Solar Inc. to sidestep US tariff on imported gear, the newspaper said. Most panels that Nexamp uses now are made in Southeast Asia.
Mitsubishi's unit Diamond Generating Corp. acquired control of Nexamp in 2018.
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.
