Mitsubishi Corp. unit Diamond Generating Corp., the owner of wind and natural-gas fired power plants in the U.S., is acquiring a minority stake in the Boston-based solar developer Nexamp Inc.
The deal marks Diamond’s first step into solar power, Paula Zagrecki, the Los Angeles-based company’s vice president of project finance & distributed energy resources, said in an interview Tuesday.
Diamond plans to invest with Nexamp in community solar projects along with commercial and industrial solar assets, after deciding last year to diversify its power fleet. Community solar and commercial and industrial projects have grown more slowly than the utility-scale and residential solar markets, and have room to expand, she said.
“There’s going to be a lot of consolidation out there,” Zagrecki said. ‘This neglected part of the market — I think there’s an opportunity.” Terms weren’t provided. CohnReznick Capital Markets Securities LLC advised Diamond on the deal.