Diamond Generating, a independent power company and wholly-owned subsidiary of Mitsubishi, announced investment into Nexamp, a provider of solar energy solutions.
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.
"We are pleased to execute this transaction with Nexamp," said Satoshi Hamada, CEO of Diamond Generating Corporation. "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."
Founded in 2007, Nexamp has established itself as a top performer among distributed solar energy providers in the Northeast. The company develops, builds, owns, and operates solar assets, and is a recent leader among North America's rapidly-growing community solar market.
"We are thrilled to have a strategic partner of Diamond Generating's caliber and experience as our lead investor," remarked Zaid Ashai, CEO of Nexamp Inc. "Together with Diamond, we will accelerate our path to becoming an elite distributed-scale solar developer and operator in the US."
"We look forward to working with our partners at Diamond Generating in this next phase in our strategy to build and manage clean, reliable and profitable sources of distributed power across the US," said David Martirano, Nexamp Board Member and Managing Partner of PJC.
CohnReznick Capital Markets Securities served as exclusive advisor to Diamond Generating Corporation throughout the transaction.