Mitsubishi Corp.’s road into the US solar business has taken the Japanese conglomerate to Liberty Square in Boston’s Financial District.
That’s the home of Nexamp Inc., the solar developer and installer that sold a “near majority” stake to a Mitsubishi energy subsidiary on Monday.
Paula Zagrecki, a vice president at Mitsubishi’s Diamond Generating Corp., says she hired advisory firm CohnReznick in January to vet potential investment targets in the commercial, industrial and community-shared solar space. At the same time, Nexamp chief executive Zaid Ashai was looking for new investors for his firm.
The timing, of course, was perfect for these two partners: Nexamp ended up being Mitsubishi’s top choice in this “beauty contest.” Zagrecki says the culture was a good fit, and the 45-person Nexamp team had the skills and expertise she sought. Plus, she says, Massachusetts has the right kind of policies in place to spur solar construction.