Mitsubishi Corp.’s energy subsidiary, Diamond Generating Corp., has acquired a near-majority stake in Boston-based energy developer Nexamp.
Financial terms were not disclosed, but Nexamp CEO Zaid Ashai said the deal will allow Nexamp to expand beyond New England and focus on constructing and operating commercial-scale energy projects around the country, specifically in Maryland, Georgia and New Jersey.
By 2017, Ashai anticipates that Nexamp will be developing projects in the West Coast with the help of Diamond.
“Diamond has been in the power business for a significant amount of time in the U.S. and they have a lot of strategic expertise in how to scale Nexamp into becoming a national player,” Ashai said in an interview.