Mitsubishi Electric Corporation has signed an agreement with HD Renewable Energy, a Taipei-based developer and operator of solar power and battery storage systems, to collaborate on initiatives aimed at achieving carbon neutrality.
As part of this partnership, the companies will establish an aggregation business joint venture, with Mitsubishi Electric acquiring a stake in HD Renewable Energy.
Amid rising fuel costs and global efforts to achieve carbon neutrality, Japan is accelerating the adoption of renewable energy. However, the variable nature of renewable power generation—such as solar and wind—due to seasonal, weather, and time-of-day fluctuations requires transmission system operators to constantly monitor electricity demand and fine-tune the balance between supply and demand.
As a result, the energy aggregation market is expanding, leveraging multiple distributed energy resources (DERs), including renewable energy facilities and battery storage systems, to stabilise power grids and optimise the profitability of power generation and storage.
The joint venture between Mitsubishi Electric and HD Renewable Energy—an international operator with businesses in Taiwan, Japan, and Australia—will focus on the development, investment, and asset management of solar power and battery storage systems, as well as electricity retailing. The new entity will play a key role in aggregating multiple DERs, including HD Renewable Energy’s solar power and battery storage systems in Japan. As part of Mitsubishi Electric’s Energy & Facility solutions strategy, the joint venture aims to enhance power efficiency and contribute to CO₂ reductions for businesses and society.
The companies plan to establish the joint venture in Japan by April 2025, with further details currently under discussion.
In addition, Mitsubishi Electric will subscribe to a third-party allocation of new shares issued by HD Renewable Energy, strengthening their collaboration. Under its “Environmental Sustainability Vision 2050,” Mitsubishi Electric is targeting net-zero greenhouse gas (GHG) emissions across its factories and offices by the fiscal year ending 31 March 2031.
