BOSTON, Aug. 24, 2021 /PRNewswire/ -- Diamond Generating Corporation (DGC), a worldwide leader in safe, clean electricity generation and energy services, strengthens its strategic portfolio while accelerating decarbonization efforts, following a $240 million equity investment in DGC subsidiary Nexamp by Generate Capital, Inc. Combined with Nexamp's recent $440 million debt financing round, a total funding of $680 million will expand the company's sustainable energy services to more individuals and businesses.
"Generate has extensive experience in operating and financing sustainable infrastructure. Not only does this investment enable Nexamp to expand its current programming, but we are particularly excited that by working together with Generate we will be able to accelerate the development of innovative new solutions to make clean, resilient, and affordable energy accessible to more customers," shares Nexamp CEO, Zaid Ashai.
A world-class independent power producer in the North American power business and a wholly owned subsidiary of Mitsubishi Corporation, DGC is committed to reducing its carbon footprint and contributing to a shift towards a decarbonized society by diversifying its strategic portfolio through investments in businesses that facilitate this transition.
Following its initial investment in 2016, DGC solidified its support and confidence in Nexamp's solar and energy storage capabilities – including project development and acquisitions, design, construction, and operations – by acquiring a controlling stake in the company. Since the original investment, Nexamp's total portfolio has increased approximately 30X and now serves numerous states across the country.
Becoming a strategic partner of Mitsubishi Corporation allowed Nexamp to grow remarkably, tripling its workforce in less than 3 years and building a stronger clean energy platform. Combined with new projects in the works, Nexamp currently has nearly 1 GW of solar and energy storage assets, and the company leads DGC's strategic portfolio in renewables.
"It has been a pleasure taking part in Nexamp's unprecedented growth over the past year," said Satoshi Hamada, International Power Division COO of Mitsubishi Corporation and former CEO of DGC. "We have been impressed with their team's expertise and professionalism and their proven record of expanding their fleet of assets and best in class services to consumers nationally."
Given the growing market demand for clean energy solutions, Masanori Kohama, CEO of DGC notes that investing in a more environmentally conscious base of businesses is advantageous: "Nexamp is on a strong growth trajectory, and we recognize that there is an even greater market opportunity. We will continue to offer support to scale Nexamp's initiatives and pursue our solar development activities with Nexamp's expanding portfolio."
Nexamp is leading the transformation to the new energy economy with proven solar and storage solutions that make clean energy more accessible. Our comprehensive solar and energy storage capabilities—including project development and acquisition, design, construction, and operations—make it possible to extend clean energy savings and benefits to more customers. Nexamp's industry-leading community solar platform makes solar an option for anyone, providing guaranteed savings on their annual electricity costs. With more than 300 MW of renewable energy generating assets currently in operation, we are building a decarbonized energy future. Visit us at www.nexamp.com.
Generate Capital, Inc. is a leading sustainable infrastructure company driving the infrastructure revolution. Generate builds, owns, operates, and finances solutions for clean energy, water, waste, and transportation. Founded in 2014, Generate partners with over 35 technology and project developers and owns and operates more than 2,000 assets globally. Generate is the one-stop shop offering pioneers of the infrastructure revolution tailored funding and support needed to get projects built. Our Infrastructure-as-a-Service model delivers affordable, reliable, and sustainable resources to over 1,000 customers, companies, communities, school districts and universities. Together, we are rebuilding the world. For more information, please visit www.generatecapital.com.
About Diamond Generating Corporation
DGC Group is a worldwide leader in safe, clean electricity generation and energy services. DGC was founded in October 1999 as a wholly owned subsidiary of Mitsubishi Corporation. The combined offerings of DGC Group companies provide a full range of electric generation and related services to generation asset owners, managers & operators, utilities, investors, developers, community choice aggregators, municipal and co-operative utilities. Visit us at www.dgc-us.com.
About Mitsubishi Corporation
Mitsubishi Corporation (MC) is a global integrated business enterprise that develops and operates businesses together with its offices and subsidiaries in approximately 90 countries and regions worldwide, as well as a global network of around 1,700 group companies.
MC has 10 Business Groups that operate across virtually every industry and the activities have expanded far beyond its traditional trading operations to include project development, production and manufacturing operations, working in collaboration with our trusted partners around the globe. With an unwavering commitment to conducting business with integrity and fairness, MC remains fully dedicated to growing its businesses while contributing to a prosperous society. Visit us at www.mitsubishicorp.com/jp/en/.
Contact: Bayan Jaber, [email protected], 857-383-8585
SOURCE Diamond Generating Corporation