MyPower Corp., an affiliate of Japanese conglomerate Mitsui & Co., acquired community solar service provider Solstice Power Technologies this week as MyPower looks to expand further into the U.S. community solar market.
The opportunity is certainly there. Distributed solar energy and storage development has increased dramatically in the U.S., protecting many homeowners from rising utility rates, and that growth is expected to continue in the coming years. However, 77% of Americans are still unable to participate in rooftop solar for various reasons.
Community solar can bridge that gap (in the states that allow for it), providing the opportunity for more households to access local clean energy with monthly savings on their electricity bill.
“Inclusion of all eligible customers, including those in low- to moderate-income communities, is now more important than ever in the pursuit of sustainability and energy equity,” stated Katsu Nishida, Co-CEO of MyPower. “Solstice has demonstrated that it can contribute to that, proven by the fact that more end-users and community solar project owners are choosing Solstice.”
MyPower brings robust corporate resources to support nationwide expansion for Solstice. Solstice Initiative, Solstice’s current nonprofit arm, will not be acquired by MyPower and will operate as an independent 501c3 under a new brand to be announced shortly.
“We at Solstice remain committed as ever to making renewable energy accessible and affordable for all,” said Stephanie Speirs, CEO of Solstice. “By joining MyPower Corp., we’ll leverage the stability and strength of the respected global company that is Mitsui to deepen our resources, expand into new markets, develop new services, and continue delivering on the promises that we’ve made to the communities we serve.”
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