Mitsubishi Heavy Industries and Osaka Gas Acquire Clean Energy Solution, Brighter Future Solar Project

- Investment in 11 MW ac solar PV project reinforces MHI's commitment to accelerate decarbonization -

TOKYO, Sept 13, 2021 - (JCN Newswire) - Mitsubishi Heavy Industries (MHI) Group in partnership with Osaka Gas USA has purchased equity interest in the Brighter Future Solar Farm from project developer Oriden, an MHI Group company. The solar photovoltaic (PV) project will provide 11 megawatts of clean power for Blue Ridge Energy in North Carolina, United States. Following project completion, Mitsubishi Heavy Industries America, Inc. (MHIA) and Osaka Gas USA will manage day-to-day operations.

The solar power plant currently under construction

MHI Group is committed to building an innovative solutions ecosystem to realize a carbon neutral future. The global company identifies investment opportunities in carbon reduction projects and climate tech start-ups to accelerate its energy transition activities.

The Brighter Future Solar project aligns with that goal. It will generate and send 19,000 megawatt hours of carbon-free electricity into the grid annually. The project will enable Blue Ridge Energy to work toward its low cost, low carbon future that has two significant carbon reduction targets: to achieve 50 percent reduction in carbon emissions from 2005 levels by 2030 and to achieve net zero carbon emissions by 2050. Blue Ridge Energy will purchase the full output of the project through a 25-year fully bundled Power Purchase Agreement.

"MHI Group and Osaka Gas have a long history of collaboration and partnership," said Yoshihiro Shiraiwa, President and CEO, Mitsubishi Heavy Industries America. "As we look toward the next few decades, we must work closely with new and existing partners to develop new business models that advance our goals for the energy transition. This partnership starts us on that path."

"Osaka Gas USA is pleased to partner with MHI Group on this project and hopes to expand our longstanding relationship through future collaboration," said Tetsushi Ikuta, President of Osaka Gas USA. "Through this investment, we look forward to providing low-cost clean energy to ratepayers in North Carolina, while continuing our transition to a greener portfolio."

The Brighter Future Solar investment establishes a new business model for MHI Group. Oriden is a company backed by the MHI Group company Mitsubishi Power Americas, Inc., an industry leader in energy solutions including power generation. The existing Oriden-MHI Group relationship strengthens co-investors' trust.

Masahiro Ogiso, President, Oriden, said, "Our custom-built Brighter Future Solar project in conjunction with MHI Group's investment will enable cost savings and allow Blue Ridge Energy to sustainably serve its members. Together with our partners and customers, we are creating a Change in Power."

Oriden

Located in Pittsburgh, Oriden develops, constructs, finances, owns and operates renewable energy projects throughout the United States. As local governments, public institutions and corporations prioritize cleaner sources for their energy needs, they want a developer with the ingenuity, the agility and the speed of a start-up - a fearless pioneer. But they also want to mitigate risk with a proven veteran that has the financial strength and experience to develop, commercialize, operate and own a highly complex project. Oriden is a full-service renewable energy developer funded by Mitsubishi Power Americas, Inc., an industry leader in energy solutions including power generation. For more information, please visit www.oridenpower.com.

About MHI Group

Mitsubishi Heavy Industries (MHI) Group is one of the world's leading industrial groups, spanning energy, logistics & infrastructure, industrial machinery, aerospace and defense. MHI Group combines cutting-edge technology with deep experience to deliver innovative, integrated solutions that help to realize a carbon neutral world, improve the quality of life and ensure a safer world. For more information, please visit www.mhi.com or follow our insights and stories on www.spectra.mhi.com.

Source: Mitsubishi Heavy Industries, Ltd.

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