Mitsui : to invest in Vertical Integration of its power value chain in Texas, USA

Mitsui & Co., Ltd. ("Mitsui", Head Office: Tokyo, President and CEO: Kenichi Hori) has made a final investment decision to develop a 150 MW solar power plant in Texas, USA, with commercial operation scheduled to start in 2026.

Mitsui is pursuing Vertical Integration of its power value chain from generation to retail in Texas and is now developing a solar power plant in Hill County. The power generated by the plant will be supplied in the wholesale market and to industrial customers through Mitsui's fully-owned subsidiary, Mitsui & Co. Energy Marketing and Services (USA), Inc. ("MEMS"). Through MEMS, 150 MW of battery storage will also be utilized to address the intermittent nature of solar power generation to meet customer's demand. Investment in this initiative is expected to total approximately JPY 30 billion. With the U.S. renewable energy market expected to grow, Mitsui will seek the scale of vertically integrated power portfolio in Texas.

Leveraging its natural gas trading capabilities, MEMS entered the power trading business in the U.S. in 2018. In 2021, MEMS started solar power offtake in West Texas and has built a track record of trading power in the Texas electricity market. In response to increased demand for renewable energy, MEMS obtained the license for retail electric provider in Texas in 2023 supporting customers' decarbonization goals. Mitsui will expand its business integration from upstream to downstream along the power supply value chain by leveraging its diverse platforms and solutions, as well as the knowledge it has accumulated in the power generation business in Japan and overseas.

Mitsui is working to transform its power generation asset portfolio. To that end, the company is developing large-scale solar, onshore and offshore wind, and distributed power generation projects that meet regional demand. In its Midterm Corporate Plan for 2026, Mitsui has identified the Global Energy Transition as one of its strategic initiatives and its business operations will assist with the global decarbonization transition by supplying clean electricity derived from renewable energy sources. Through this investment, Mitsui will contribute to a society in harmony with the environment.

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