MHVYF - MHI America Acquires Three Utility-Scale Solar Power Projects in Pennsylvania Advancing the Company's Energy Transition Strategy

TOKYO, July 19, 2024 - (JCN Newswire) - Mitsubishi Heavy Industries America, Inc. (MHIA), a subsidiary of Mitsubishi Heavy Industries, Ltd. (MHI), announced it has purchased a 100% equity interest in three Southwestern Pennsylvania utility-scale solar power projects from project developer Oriden, an MHI Group company located in Pittsburgh, Pennsylvania.

The portfolio has three projects: Pechin Solar, Gans Solar, and Listonburg Solar, and plans to provide 43 MW of AC power. Pechin Solar and Gans Solar, both in Fayette County, will each provide nearly 14 MW of AC power and are scheduled to be operational in September 2024. Listonburg Solar in Somerset County will provide nearly 15 MW of AC power and is expected to be operational in October 2024. The portfolio plans to generate and provide nearly 78,000 MWh of carbon-free electricity annually. Upon completion, MHIA will independently manage the day-to-day operations of these projects.

"We are thrilled to announce the acquisition of the Pechin, Gans, and Listonburg solar projects, marking a significant step in our commitment to advancing renewable energy and achieving carbon neutrality," said Tak Ishikawa, President and CEO of MHIA. "By delivering nearly 78,000 MWh of carbon-free electricity annually, we are not only ensuring a reliable energy supply but also fostering strong relationships with local communities in Southwestern Pennsylvania. We will continue to invest in the energy transition sector, supporting communities worldwide in their pursuit of climate goals and contributing to a sustainable, carbon-neutral future."

Through its development and investment in renewable energy projects, MHI Group will accelerate the energy transition and contribute to the stable supply of electricity, helping communities strive towards net zero.

"There is an immense sense of pride everyone at Oriden has as it relates to the Pechin, Gans, and Listonburg solar projects," said Bill Miller, President and CEO of Oriden. "To develop these projects in our home state of Pennsylvania in a region that is historically synonymous with coal power generation is a great step forward for the continued adoption of renewable energy. The Fayette and Somerset County communities have been great partners to work with to take these projects from site origination to operation."

MHI Group has formally declared its intent to achieve carbon neutrality by 2040, pursuing the energy transition as an engine for corporate growth based on its MISSION NET ZERO declaration. The company is now working strategically to decarbonize both the energy demand and supply sides. The company will strive towards the establishment and execution of decarbonization technologies & solutions as a way of contributing to the realization of a sustainable, carbon-neutral world.

About Oriden

Located in Pittsburgh, Oriden develops, constructs, finances, owns and operates renewable energy projects throughout the United States. A partner to local governments, public institutions, and corporations that prioritize cleaner sources for their energy needs, Oriden is a developer that can combine the ingenuity, the agility, and the speed of a start-up with the financial strength and experience needed 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 power generation, renewables and energy storage solutions. 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, smart 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 spectra.mhi.com.

Mitsubishi Heavy Industries, Ltd. Address:
2-3, Marunouchi 3-chome, Chiyoda-ku, Tokyo, 100-8332, Japan
Telephone: 81-3-6275-6200
URL: http://www.mhi.com/

Source: Mitsubishi Heavy Industries, Ltd.

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